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Hankook Tire Announces 2019 Q3 Financial Result
- - High inch tires (over 17 inches) account for 55.0% of total sales, a 3.0%p YoY increase, achieving quality growth
- - Strengthened its line-up for high inch tires, adding Porsche Cayenne, Audi Q8 and Ford Explorer to its original equipment portfolio
Seoul, Korea, 4 November 2019 – Global leading premium tire maker, Hankook Tire (President & CEO Hyun Bum Cho) announced today the company’s 2019 Q3 Financial Result with consolidated global sales of KRW 1.8332 trillion and an operating profit of KRW 180.0 billion.
Based on its global top-tier technology and quality competitiveness, sales of high inch tires (over 17 inches) accounted for 55.0% of passenger car tires, leading to 3.0%p YoY increase. In particular, the steady growth of high inch tires (over 17 inches) in major markets such as Korea, Europe, North America, and China has further solidified its premium brand image.
Moreover, Hankook Tire has further reinforced its line-up for high inch tires, following the growing demand in the global SUV market. The company supplies original equipment tires to the 3rd-generation Cayenne SUV of Porsche, the new Audi Q8, Audi’s SUV flagship, and to the All-New 2020 Ford Explorer, America’s best-selling SUV.
On the other hand, weakened consumer confidence caused by the global economic downturn has intensified tire market sales competition, slowing demands. This has also affected the supply of original equipment tires and the demand for replacement tires in major markets.
Going forward, Hankook Tire plans to focus its capabilities on enhancing its brand image by strengthening its competitiveness in premium products, especially segments with high growth potential. In addition, the company plans to diversify its original equipment portfolio to build a stable growth structure and optimize distribution strategies for different regions abroad.
Q3 2019 Consolidated Financial Result
|(Unit: Billion KRW)||Q3 FY 2018||Q2 FY 2019||Q3 FY 2019|
|(Unit: Million USD)||Q3 FY 2018||Q2 FY 2019||Q3 FY 2019|
|(Unit: Million EUR)||Q3 FY 2018||Q2 FY 2019||Q3 FY 2019|
|Q3 FY 2018||Q2 FY 2019||Q3 FY 2019|
|USD / KRW||1,121.59||1,165.91||1,193.24|
|EUR / KRW||1,304.25||1,309.91||1,327.86|