Record Sales Growth of Hankook Tire Continues
in Third Quarter 2011
- Hankook Tire's third quarter global sales marked KRW 1.69 trillion
- Hankook posts the highest quarterly sales performance with a YoY increase of 23.0%
- Excellent business performance in developed markets and original equipment business contributed to ongoing growth
Seoul/Korea, 18th October 2011 - Hankook Tire (www.hankooktire.com), the seventh-largest and one of the fastest growing tire companies in the world, released record figures for the third quarter with global consolidated sales totaling KRW 1.69 trillion, a YoY increase of 23.0%. The company's third quarter operating profit recorded KRW129.9 billion.
Hankook Tire has posted continuous growth every quarter in 2011 as a result of upgraded brand value and increased recognition for high-quality tires, based on the company's cutting-edge technology. The third quarter achievements were further driven by ongoing efforts to diversify markets, improve productivity, and develop customized tires for global customers.
Hankook Tire has recorded balanced growth in all markets from last year's third quarter. The sales growth was particularly evident in the developed markets. Hankook Tire sold 49.6% and 30.1% more tires than last year in Europe and North America respectively. In the emerging markets, the company achieved 36.2% and 26.7% YoY growths in the Middle East and Asia Pacific regions respectively.
Positive performance was shown in Hankook Tire's overseas original equipment business, recording a 65.7% YoY growth. Hankook Tire in 2011 made major announcements of new fitment installment contracts with the top automobile brands including 2011 Ford Explorer and the BMW MINI models.
Based on wider recognition in the high-end market, Hankook Tire saw robust growth with a 47.7% YoY increase in sales of Ultra High Performance (UHP) tires. The company's Korea operation more than doubled the sales of UHP tire supply to domestic automakers, and sold 79.6% more UHP tires to overseas automobile brands than last year.
Hankook Tire today also announced the successful completion of its 2nd Racalmas plant production unit in Hungary. The new additional manufacturing unit is expected to boost Hankook's production volume in Europe. Also, the building of Hankook Tire's new plants in China and Indonesia, which would drastically expand the production capacity within the following years, is well underway.
Q3 2011 Consolidated Profit
|(Unit: Billion KRW)
|(Unit: Million USD)
|(Unit: Million Euro)
* Exchange Rate:
About Hankook Tire Co., Ltd
Hankook Tire (Vice Chairman & CEO: Seung Hwa Suh) is the seventh largest and one of the fastest growing tire manufacturers in the world. It produces innovative, superior quality and high performance radial tires for passenger cars, 4x4s, SUVs, light trucks, campers, trucks, buses and motor sports. It invests approximately five percent of its revenue in research and development and develops cutting-edge technologies through its five global R&D Centers, meeting regional customer demands and enhancing customer satisfaction. Selling in over 180 countries around the world, the company has approximately 16,000 employees. More than 80 percent of its revenue comes from growing overseas sales.