UHP tire sales help Hankook post stronger than expected 3Q results
Hankook Tire Co. Ltd. posted net income of 45.69 billion won on sales of 455.85 billion won for the third quarter ended Sept. 30. That compares favorably to income of 35.06 billion won on sales of 402.7 billon won for the same period a year ago.
Hankook credits a price increase and a 50% increase in ultra-high performance (UHP) tire unit sales for the 4% increase in overall sales volume and 13% increase in total sales. The company sold 737,000 UHP tires for the quarter, compared to 490,000 in the third quarter of 2003.
Operating income and ordinary income rose 27% and 32%, respectively.
Based on the won vs. United States dollar exchange rate on Sept. 30, 2004, Hankook recorded net income of $39.6 million on sales of $395.8 million for the third quarter.
According to Tyres and Accessories magazine, the income and product sales results were "stronger than expected."