Hankook Q1 earnings, sales decline

Seoul – Hankook Tire Co. Ltd. reported a 9.8-percent drop in pre-tax operating profit for the quarter ended March 31 on 1.7% lower sales.

Hankook’s first quarter EBITDA fell to $306 million on sales of $1.5 billion, dropping the operating ratio two points to 20.4%, the company reported. Net income was not published.

In a brief note accompanying the release of the results, Hankook noted that replacement sales fell in its home market and in North America, reflecting “weak” market conditions. Replacement sales were stable in China…

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