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Hankook Tire Reports Financial Results for the first Quarter of 2016
- - Hankook Tire achieved global sales revenues of KRW 1.63 trillion and an operating profit of KRW 251.1 billion during Q1 2016
- - Global business growth driven by increased OE and UHPT sales in Europe and North America
April 29, 2016 (Seoul, Korea) – Hankook Tire today announced its financial results for the first quarter of 2016 with global consolidated sales of KRW 1.63 trillion and an operating profit of KRW 251.1 billion. Despite fluctuations in global economy, Hankook Tire strengthened its brand equity as a global premium tire company with increased performance, by 9.4 % in sales and 23.6 % in operating profits, compared to the same period of last year.
Hankook Tire’s positive growth for the first quarter of 2016 is attributed to impressive performance in its core markets in Europe and North America especially in U.S. Increased sales volume and OE sales led 7.9 % and 8.4 % year–on–year growth in Europe and in U.S respectively. Hankook Tire’s efforts to implement aggressive global downstream strategy as well as enhanced visibility with brand communication activities in the market have contributed to the performance.
Furthermore, Hankook Tire’s consistent sales growth in Ultra High Performance Tire (UHPT) segment reporting the 6.9% increase in sales from the same quarter in Y2015. The UHPT segment accounted for approximately 33.7 % of the company’s gross sales revenue during the first quarter and led sustainable sales growth of Hankook Tire. In particular, Europe and North America saw 15.6% and 38.7% year–on–year increase in UHP sales.
Hankook Tire will work to further improve its position in the premium tire market, particularly in Europe and North America. As market demand for high–inch has increased, Hankook Tire plans to expand its 4,000 direct and indirect global distribution channels up to 50 % by 2017. Hankook Tire will also continue to accelerate its business growth as a global top–tier tire company by expanding its supply for global premium automotive brands.
Q1 2016 Consolidated Financial Result
|(Unit: Billion KRW)||Q1 FY 2015||Q4 FY 2015||Q1 FY 2016|
|(Unit: Million USD)||Q1 FY 2015||Q4 FY 2015||Q1 FY 2016|
|(Unit: Million EUR)||Q1 FY 2015||Q4 FY 2015||Q1 FY 2016|
|Q1 FY 2015||Q4 FY 2015||Q1 FY 2016|
|USD / KRW||1,100.26||1,157.69||1,201.44|
|EUR / KRW||1,239.34||1,267.57||1,324.87|
(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)