Hankook reports record sales in China, Korea and Hungary in Q2

ERJ staff report (DS)

Seoul, Korea -- Hankook Tire said consolidated sales for the three months ended 30 June 2010 reached KRW1.4 million million (euro 889 million), recording 13.0 percent increase over the same period a year ago. The company's second quarter operating profit jumped 22.7 percent over the previous year to KRW177.7 billion (euro 113 million).

Following the earnings surprise in the first quarter, Hankook Tire continued to show positive growth in the second quarter of 2010. The record-breaking figures were driven by strong business performance in the emerging markets such as the CIS region, Latin America, backed by stable growth in China, Europe and North America, despite the rising raw material prices.

Profits generated in Korea recorded the highest ever quarterly results. It increased 22.4 percent year-on-year in the second quarter to KRW 822.3 billion. Operating profit also showed a 59 percent year-on-year surge to KRW 104.4 billion. Hankook recorded the highest ever quarter profits in China. Sales marked a 17.2 percent year-on-year increase in the second quarter, as well as a 12.3 percent quarter-on-quarter growth. Profits at the Hungary plant, along with China and Korea, also marked the highest ever quarter sales record with a 963.9 percent year-on-year increase in operating profit.

Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire said, “Hankook Tire continued to have robust growth in the second quarter.” Mr. Suh added, “With a positive outlook, we look forward to building stronger momentum during the second half through our ongoing focus on enhancing Hankook's brand value, increasing customer satisfaction, and expanding its OE tyre supply to premium automakers."

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Press release from Hankook