Hankook Tire reports record sales in third quarter

Seoul, Korea - Hankook Tire, claiming to be the seventh-largest and one of the fastest growing tyre companies in the world, announced third quarter global sales of KRW1.5 trillion (about Euro 964 million), up 7.1 percent on the same period last year. Operating profit was KRW163.4 billion for the quarter, a26 Oct statement from the firm added.

The firm says it has has shown continuous growth every quarter in 2010 and that sales in Korea, China and Hungary again marked the highest ever quarter records, despite the rising raw material prices. Sales from Korea, China and Hungary showed 10.1, 6.6, and 13.7 percent year-on-year growth, respectively, the Korean firm added.

The increasing demand from emerging markets such as the CIS region and Latin America continued to contribute to the company's strong sales performance, the release continued. Sales in the CIS region rose 51.2 percent from the second quarter this year, whichamounts to a 28.7-percent increase over the prior year.. Also, the company said its vigorous marketing strategy in Latin America paid off with a dramatic 72.5-percent surge in sales there.

Finally, the company reported a 30-percent increase in global sales of its Ultra High Performance (UHP) tyres in the third quarter over sales in the prior year, especially in the Americas and Asia Pacific. Hankook Tire also says its UHP tyre supplies to car makers around the world rose dramatically: UHP Original Equipment (OE) tyres made in Korea and China were up 82.7 and 51 percent, respectively over the same period last year.

Hankook Tire has recently expanded its global OE portfolio to leading automobile manufacturers due in part to an increased brand value and the customers' trust on the superb quality the brand represents. With these accomplishments, Hankook aims to achieve a sales target that exceeds KRW 5 trillion this year.

Seung Hwa Suh, vice chairman & CEO of Hankook Tire said, “Hankook Tire's untiring growth momentum is evident in the quarterly announcements made this year.” He added, “As we reach our 70th anniversary in 2011, I am positive that we can end this year fulfilling the goals we had set earlier and get ready for a new era of sustainable growth.”

Hankook Tire makes radial tyres for all vehicle types, from passenger cars to trucks and buses, including 4x4s, SUVs, and motor sports. It sells in over 180 countries and has more than 14 000 employees. About 70 percent of its revenue comes from growing overseas sales.