Hankook earnings fall on lower sales in key markets

Seoul, South Korea – Hankook Tire Co. Ltd. suffered an 11.3% drop in operating income for fiscal 2018 on slightly lower sales.

Hankook cited a slowdown in demand from global auto markets such as China as one reason for the earnings decline, to €541 million.

Sales were down just 0.2%, to €5.2 billion, lowering the operating margin three points to 8.8%.

Europe remained Hankook’s single largest market at €1.85 billion, up 5.1% over 2017 on stronger business in eastern Europe.

Business in North America essentially was unchanged from 2017,…

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