Hankook Tire Co. reported a 5.5% decline in annual sales year-over-year, citing “global economic slump and currency-related factors” as the reason for the drop.
The tiremaker also reported in a regulatory filing an operating profit of 1.03 trillion won in 2014.
Suh Seung-hwa, CEO and vice chairman of Hankook Tire, said the company will continue its efforts to increase the ratio of high-performance tires and expand its foothold in North America and emerging markets, according to Yonhap News.