Hankook Tire Co. Ltd. posted net sales for its 2015 fourth quarter of 1.61 trillion won, a decrease of less than a percent versus the year-ago period. Operating profit saw a 2.4% year-over-year decrease to 238.3 billion won from 244.3 billion won. Sales of UHP tires were up 6.4%.
Based on the average exchange rate for 2015, Hankook recorded sales of nearly $1.4 billion and operating profit of $205.8 million in the fourth quarter.
The company did not release net income for the quarter.
Hankook says its overall sales and operating profits are on par compared with the same period last year.
Sales in Hankook’s ultra high performance (UHP) tire segment were up 6.4%, accounting for 33% of the company’s overall revenue.
Hankook said more sales in North America especially contributed to its overall revenue. Sales in North America grew 20% and sales of UHP tires were up 29% year-over-year.
The company says UHP tire sales in North America accounted for 33.3% of total revenue.
Hankook says it expects to reinforce its competitiveness in the UHP tire segment as it is important as a source of profit and creation of new technology.
The company will further enhance its presence in North America and Europe and focus on sales expansion for UHP tire and SUV segments. In addition, Hankook says it will continue to optimize its global network and solidify itself as a global top-tier tire company by diversifying its premium model portfolio among its OE business.
Hankook shared its plans for North America with dealers attending the company's annual Partner's Day meeting. For details, read: “Hankook Tire America's Goal: Double-Digit Growth in 2016.”
