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Hankook Tire Announces First-Quarter 2017 Financial Results
- - Hankook Tire achieves KRW 1.639 trillion in sales and KRW 231 billion in operating profit during the first quarter
- - UHPT sales accounted for 36.7% of total sales with a 1.4%p YOY increase
- - The company will continue to strengthen its premium brand value by expanding sales of UHPT and 17-inch or taller-size tires
April 28, 2017 (Seoul, Korea) – Hankook Tire today announced that the company achieved KRW 1.639 trillion in sales and KRW 231 billion in operating profit in the first quarter of 2017, based on global consolidated business results. Such positive growth is mainly attributed to the impressive sales performance of Ultra-High-Performance Tire (UHPT) and the overall sales increase across different regions.
Sales of UHPT grew by 1.4 percent point in comparison to the same period of last year, accounting for 36.7 percent of total sales generated during the first quarter. In particular, UHPT sales showed an 11 percent and a 26 percent year-over-year increase in Europe and China, respectively. Such remarkable sales growth in both regions were mainly driven by the increased supply of original equipment tires (OET) and the stabilized sales of replacement tires (RET).
The company is planning to expand sales of UHPT and 17-inch or taller-size tires, as future demands are expected to increase. All in all, while continuing to promote its global brand value and technology leadership, Hankook Tire will sharpen its competitive edge in premium tires.