Hankook income drops in third quarter, nine months

Seoul — Hankook Tire Co. Ltd suffered double-digit drops in operating income for the quarter and nine months ended 30 Sept, despite increased sales for both periods.

The Seoul-based tire maker did not elaborate on reasons for the income declines, other than to mention high raw materials costs and the “impact” of start-up costs for its US plant in Clarksville, Tennessee.

For the quarter, operating income fell 29.2% to $161 million (€139 million) on 10.1% higher sales of $1.37 billion, dropping the operating ratio nearly seven full…

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