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Title 04/30/2012 - Hankook Tire Posts Record High Global Sales Growth
Date 04/30/2012 Count 4268

Hankook Tire Posts Record High Global Sales Growth Numbers For the First Quarter of 2012


  • Hankook Tire's global sales continue double-digit growth of 17.1% year-over-year to KRW 1.71 trillion during the first quarter of 2012
  • Sales growth in major markets such as North America helped lead the upward momentum
  • Growth also driven by increase in demand for Hankook's Ultra-High Performance tires

WAYNE, N.J., April 30, 2012 - Hankook Tire, the seventh-largest and one of the fastest growing tire companies in the world, today announced continued strong sales growth for the first quarter of 2012, with global consolidated sales of KRW 1.71 trillion, marking a 17.1% year-over-year increase.

Despite challenging global economic market conditions and eroded profitability due to an increase in the price of raw materials, Hankook Tire's operating profit for the first quarter of 2012 increased to KRW 235.3 billion, rising 71.1% from the previous quarter.

Hankook Tire's global sales performance for the first quarter of 2012 was driven by accelerated sales growth in major markets including North America, Europe and other emerging economies. In North America and Europe, which make up 19.8% and 26.7% of Hankook Tire's total global sales respectively, the growth occurred at a rate of 31% and 37% in each region, marking the highest sales figures since Hankook's entry into these markets. Additionally, sales in emerging markets including, South America and Southeast Asia, increased 32.8%, reflecting Hankook Tire's fast growing market presence in these regions.

"Hankook's commitment to increasing brand awareness as a premium tire manufacturer is clearly paying off," said Soo Il Lee, President of Hankook Tire America Corp. "Our impressive sales growth, especially in the United States, is further evidence that our combination of exceptional product quality, enhanced marketing efforts and growing original equipment fitments are being noticed by consumers."

North America and Europe, the home of many premium automakers, led in UHP tire sales growth among all regions at a rate of 33.9% and 45.2% respectively. In addition, Hankook has been steadily expanding its Original Equipment portfolio by winning the contract to supply tires to premium automakers such as BMW the brand new BMW 3-Series, following its OE contracts for the new BMW 1-Series and MINI.

"Hankook Tire has witnessed a continued positive double-digit growth in our global sales during the first quarter. Despite continued global economic downturn, we have been able to set global sales growth and operating profit based on consistent tire quality improvement as well as brand equity enhancement." says Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire. He adds, "Building on this growth momentum, we will continue to strengthen our brand value and satisfy our customers as a leading global tire manufacturer through intensive marketing and communication activities."

Q1 2012 Consolidated Profit

(Unit: Billion KRW) Q1 2011 Q1 2012 YoY %
Sales 1,459.9 1,709.7 17.1%
Operating Profit 193.6 235.3 21.5%

(Unit: Million USD) Q1 2011 Q1 2012
Sales 1,302.3 1,511.7
Operating Profit 172.7 208.0

(Unit: Million Euro) Q1 2011 Q1 2012
Sales 952.9 1,152.1
Operating Profit 126.4 158.6


* Exchange Rate:

Q1 2011 Q1 2012
USD/KRW 1,121.00 1,131.00
EUR/KRW 1,532.00 1,484.00


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 motorsports. Aspiring to bring consumers the utmost excellence in quality and driving satisfaction, Hankook Tire invests approximately five percent of its revenue in research and development through its five global R&D centers. Hankook Tire products are currently available in over 180 countries and the company employs 18,000 people worldwide. For more information, please visit Hankook Tire's global web site at global.hankooktire.com.

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