Hankook's Q3 operating profit rises nearly 10%

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Hankook Tire Co. Ltd. announced global consolidated quarterly net sales of $1.6 billion (1.8 trillion won), and operating profit of $219.6 billion (244.2 billion won).

The company declined to release net income for the third quarter.

Hankook says that in the midst of continued global economic recession, the company’s quarterly sales in won increased 0.8% compared to the year-ago quarter. Operating profit in won increased 9.9% compared to the third quarter of 2012, which underscores the company’s healthy business operation as a global market player, according to Hankook.

The company says its solid financial performance for this quarter was highlighted by a continued expansion of original equipment (OE) business, especially in the premium sector. Hankook recently announced a series OE fitment supply agreements with global premium automakers, including Mercedes-Benz’s flagship models, the new S-Class and E-Class, BMW 5-Series, as well as three of the best-selling Japanese automotive brands: Toyota, Nissan and Honda.

The company says significant OE business expansion translated into a sharp growth in OE sales across strategic markets such as China and Europe, with 8.3% and 6% YoY increases, respectively.

“Providing industry leading product quality and service for our customers, original equipment partners and consumers is a main focus of our activities in the United States,” says Byeong Jin Lee, president, Hankook Tire America Corp.

“Hankook Tire’s recently announced plans to build its eighth manufacturing facility in Clarksville, Tenn., is further indication of our commitment to the U.S. market.”

For recent news on Hankook see:

Did CR rank Pirelli and Hankook tires fairly?

Hankook will build $800 million plant in Tennessee

Hankook wants to increase its OE fitments

Hankook testing center will rise in South Korea

OE push: Hankook supplies Mercedes-Benz, BMW, Toyota and Nissan

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