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Title 07/31/2012 - Hankook Tire Reports Robust Earnings Results for Second Quarter 2012
Date 07/31/2012 Count 8135

Hankook Tire Reports Robust Earnings Results for Second Quarter 2012

  • Global sales in the second quarter increases by 18.5% to KRW 1.84 trillion
  • Growth led by continued rise in demand in the company's premium UHP

WAYNE, N.J., July, 31 2012 - Hankook Tire, the seventh-largest and one of the fastest growing tire companies in the world, announced financial results for its second fiscal quarter with revenue of KRW 1.84 trillion, up 18.5% from a year earlier. The company's operating profit for the same period jumped 112% YoY to KRW 215.5 billion.

Hankook Tire's consistent investment strategies to expand its production facilities including the Hungary manufacturing plant, as well as its efforts to boost the company's global marketing efforts particularly in the strategic markets contributed to the overall growth in the second quarter.

The company's Ultra-High Performance (UHP) tires recorded robust 22.2% YoY increase in global sales in the second quarter as North America and overseas OE sales saw the largest growth with 30% and 38.3% respectively for the same period.

Increased recognition from top global automobile brands for excellent quality and performance of Hankook Tire's UHP tires is playing a key role in the growth of the company's overseas OE sales, resulting to 41.3% gain in revenue in the same category compared to the second quarter of 2011.

Along with the increase in demand for Hankook Tire's UHP tires and OE fitments leading the momentum for strong growth, decrease in the overall raw material prices had led to a rise in operating profits.

Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire said, "The healthy, momentous growth we're experiencing is largely due to our unyielding will to develop premium UHP tires and environmentally friendly products through our advanced cutting-edge tire technology." He adds "With our relentless efforts to serve global customers with best quality and service, we will continue to expand our distribution network and raise our marketing activities around the world, strengthening our position as a leading global tire company."

Q2 2012 Consolidated

(Unit: Billion KRW) Q2 2011 Q2 2012 YoY %
Sales 1,556.1 1,843.6 + 18.5
Operating Profit 101.6 215.5 + 112.1

(Unit: Million USD) Q2 2011 Q2 2012
Sales 1436.52 1600.35
Operating Profit 93.73 187.07

(Unit: Million Euro) Q2 2011 Q2 2012
Sales 973.17 1246.52
Operating Profit 63.54 145.71

* Exchange Rate:

Q2 2011 Q2 2012
USD/KRW 1,084 1,152
EUR/KRW 1,559 1,479

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 consistently invests 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 web site at www.hankooktire.com

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