Hankook Tire posts Q2 slump in earnings

Seoul, Korea / Neu-Isenburg, Germany – Hankook Tire has posted a 34.4% drop in operating earnings for the second quarter on global sales 3.5% lower at €1.341 billion, the company announced 9 Aug.

The Korean tire maker linked the earnings decline, which saw operating profit fall to €163.9 million, was mainly due to higher raw materials prices.

On a brighter note, Hankook said quarter-on-quarter sales revenue had increased, with growth “outpacing the market.”

The UHPT sales ratio increased by 1.7%, accounting for 36.9% of total sales generated during the second quarter, added Hankook which plans “to expand the UHPT segments and respond flexibly to the changes in the automobile industry.”