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Hankook Tire Announces Solid Earnings Results for First Quarter 2013
- - Well-sustained earnings result with operating profit of KRW 254.4 billion and the global sales revenue of KRW 1.68 trillion
- - Hankook Tire’s foresighted investment and advanced technological prowess led to sales increase in UHP tire segment
April 26th, 2013 (Seoul, Korea) - Hankook Tire, the leading and one of the fastest growing tire companies in the world, today announced financial results for the first quarter 2013 with well-sustained global consolidated sales of KRW 1.68 trillion and operating profit of KRW 254.4 billion, recording operating profit to sales ratio of 15.2%.
In spite of sluggish global economy and worsening exchange rate during the first quarter, Hankook Tire showed a robust increase in its operating profit for the first quarter with KRW 254.4 billion, a 14.4% increase QoQ, which is a clear manifestation of the company’s improved profitability. The company’s global consolidated sales for the same period also managed to sustain its favorable level at KRW 1.68 trillion.Hankook Tire’s robust financial performance for the first quarter, highlighted by its enhanced profitability, was largely fueled by its growingly recognized brand value as a premium tire manufacturer, which is secured through the company’s foresighted and pioneering investment in global tire market. In turn, its solidified premium brand equity played a vital role in leading to a sales surge in Hankook Tire’s premium tire segment with Ultra-High Performance (UHP) tires, which demonstrates a growing consumer trust in the company’s product quality and its advanced tire technology.
Particularly, in Europe, the home of many premium automakers, the UHP tire sales rose drastically in the first quarter by 64%, driving the accumulated sales revenue up by 25% compared to the previous quarter. Also, emerging markets such as Russia and CIS also led with all other markets with the accumulated UHP tire sales increase for the first quarter with approximately 80% and 77% growth respectively, while Asia-Pacific also enjoyed 40% sales increase in the premium tire segment. In addition, the revenue from Original Equipment (OE) supply with UHP tires has also contributed to the solid earnings performance with 16% increase.
Based on its cutting-edge technological knowhow and capability, Hankook Tire proactively invests in R&D and develops premium tires in UHP segment with even further advanced features.
Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire said, “Enabled by our foresighted mindset into the future and smart investment in global tire market, Hankook Tire was able to secure steady and robust financial performance for the first quarter despite slow tire market.” Mr. Suh also added, “Based on our cutting-edge technological prowess as well as continuous enhancement in brand value, Hankook Tire will accelerate to take on our path to become global top-5 tire company in the near future.”Q1 2013 Consolidated Results
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About Hankook Tire Co., Ltd
Hankook Tire (Vice Chairman & CEO: Seung Hwa Suh) is the leading and one of the fastest growing tire companies in the world. As a tire manufacturer dedicated to contribute to advancement in driving, Hankook Tire intensively invests in research and development via five R&D centers around the world. Applying the newest innovative technologies and solutions, it produces superior quality and high performance radial tires for passenger cars, 4x4s, SUVs, light trucks, campers, trucks, buses and motorsports at its seven manufacturing facilities in four different countries. Hankook Tire currently employs approximately 20,000 people around the world, and its products are available worldwide in over 180 countries.
For more information, please visit Hankook Tire’s global web site at www.hankooktire.com.
Corporate Communications Team, Hankook Tire Co. Ltd.
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Synergy Hill + Knowlton Strategies (PR Agency in Korea)