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Hankook announces first quarter results

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Hankook Tire Co. posted sales of 1.1 trillion won during the first quarter of 2009, a 13.8% increase over the same period in 2008. Hankook's 1Q 2009 operating profits came to 35 billion won.

Hankook says its exports to North American rose 19.9% during the first quarter compared to the same period last year, while its exports to Europe rose nearly 9%.

"With effective cost and expenditure management and smart marekting activities, Hankook Tire continues to strive for growth in 2009, despite the economic climate," says Hankook CEO Seung Hwa Suh.

"The tire industry is extremely competitive and it is essential that we continue to effectively manage costs while balancing investments to ensure sustained future growth."

Hankook is targeting global sales of 4.3 trillion won for 2009.

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