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Hankook Suffers Sales Slowdown in 2Q 2017

Posted on August 16, 2017

Hankook Tire Co. Ltd. posted operating profit of 203.7 billion won on net sales of more than 1.6 trillion won for the second period ended June 30, 2017. That compares to operating profit of 310.3 billion won on sales of more than 1.7 trillion won for the same period in fiscal 2016.

Based on the exchange rate on June 30, 2017, Hankook recorded operating profit of $178 million on net sales of more than $1.4 billion for 2Q 2017.

In North America, tire sales were down 8%, from 312 billion won to 287 billion won. Hankook says "volatile market situations resulted to slow replacement sales year over year, but OE sales were sustained with increased supply to SUV vehicles." Ultra-high performance tire sales dropped from 176 billion yen to 173 billion yen ($151 million).

Hankook says natural rubber prices are expected to slowly rise in the third quarter with other raw materials. "Prices were driven down in 2Q mainly due to increased supply from Thailand and less speculation."

For more information on Hankook financials, check out these links:

"UHP Tire Sales Boost Hankook's 1Q Results."

"Full-Year Operating Income Is the Highlight of Hankook's Financials."

Related Topics: Hankook financials, OE tires, raw material costs, UHP tires

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