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Hankook Tire Announces 2018 Q3 Financial Result
- - Reports KRW 1.7557 trillion in sales and KRW 184.6 billion in operating profit
- - High inch tires (over 17 inch) account for 52.0% of total sales, a 4.5%p YoY increase, strengthening premium products and brand image
October 29, 2018 (Seoul, Korea) - Global leading premium tire maker, Hankook Tire (President & CEO Hyun Bum Cho) announced today the company’s 2018 Q3 Financial Result with consolidated global sales of KRW 1.7557 trillion and an operating profit of KRW 184.6 billion.
Based on global top-tier technology and premium product quality, sales of high inch tire (over 17 inches) accounted for 52.0% of passenger car tires, leading to 4.5%p YoY increase and reinforcing its premium brand image.
Sales of replacement tires (RET) have increased YoY due to stable qualitative and quantitative growth driven by the steady sales of high inch tires in Korea, Europe and China. On the other hand, operating profit decreased 15% YoY due to the slight decrease in supply of original equipment tire (OET) driven by the slowdown of demand in the automobile market and the initial operation cost burden of the US Tennessee plant.
Hankook Tire plans to focus on strengthening the company’s position as a ‘premium brand’ through improving competitiveness in premium product lines and expanding sales of high inch tires that are expected to see stable growth in demand. Hankook Tire also plans to accelerate its road toward a global top-tier company by strengthening its global distribution network and downstream distribution through innovation.