Hankook Tire Continues Solid Growth in the Second Quarter of 2013
- Recorded global sales revenue of KRW 1.87 trillion and operating profit of KRW 271.3 billion
- Improved sales in ultra-high performance tires and brand equity as a premium tire company led to solid sales increases in major markets
July 30th, 2013 (Seoul, Korea) - Hankook Tire, the leading and one of the fastest growing tire companies in the world, today announced financial results for its fiscal 2013 second quarter. The company posted global consolidated quarterly revenue of KRW 1.87 trillion, and its quarterly operating profit marked KRW 271.3 billion with a healthy operating profit to sales ratio of 14.5%.
Despite fluctuating market demand in global tire industry during the quarter, Hankook Tire's global consolidated revenue continued to maintain its stability in sales growth. The company's quarterly revenue marked a YoY increase at 1.4%, nearly on a par with the figure from the second quarter of 2012. Operating profit, a key attribute that measures the performance of the company's core business, was even more impressive, posting a robust 11.3% YoY increase as the company continues to post operating profit figures at a healthy rate.
Growing recognition of Hankook Tire's innovative technology and superior quality and performance is translating to the increase in sales in the premium tire segment. The sales of Hankook Tire's Ultra-High Performance (UHP) tires continues to show steep growth across markets, particularly in China and North America, where the company's UHP tire sales rose by 32% and 15%, respectively, from the previous quarter, a clear indicator of growing consumer trust in Hankook Tire's product quality and its advanced tire technology.
For the second half of the year, Hankook Tire expects to sharpen its competitive edge through flexible global supply network, particularly as the company's newly constructed production facilities in Chongqing, China and Cikarang, Indonesia stabilizes its operation. In addition, the company continues to facilitate its continued investments in research and development, placing keen emphasis in the development of premium UHP tires with cutting-edge features.
"We are pleased that our results for the second quarter of 2013 shows solidarity across all of the facets of Hankook Tire as it is a result of our foresight into the future to solidify our foundation for growth based on balanced global production portfolio and advanced R&D capabilities," said Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire. He adds, "On the basis of our continued capital investments to balance growth in both quantity and quality, we will continue to place our solid foot print in the global automotive industry and in our path to become a global top-5 global tire brand."
Q2 2013 Consolidated Results
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About Hankook Tire Co., Ltd
Hankook Tire (Vice Chairman & CEO: Seung Hwa Suh) is the leading and one of the fastest growing tire companies in the world. As a tire manufacturer dedicated to contribute to advancement in driving, Hankook Tire intensively invests in research and development via five R&D centers around the world. Applying the newest innovative technologies and solutions, it produces superior quality and high performance radial tires for passenger cars, 4x4s, SUVs, light trucks, campers, trucks, buses and motorsports at its seven manufacturing facilities in four different countries. Hankook Tire currently employs approximately 20,000 people around the world, and its products are available worldwide in over 180 countries.