Hankook Tire Co. has released its financial results for the second quarter of 2017, announcing sales totaling $1.48 million and an operating profit of $266.7 million.
Hankook had a 1.7% increase in sales during its second quarter, compared to the previous quarter; however, its operating profit saw a decrease of 12.3%, which can be attributed to the rising cost of raw materials. Compared to the same period last year, there was a 3.5% decrease is overall sales and a 34.4% decrease in operating profit.
Nevertheless, Hankook saw a quarter-on-quarter sales revenue increase with growth outpacing the market and a continuous increase in sales of the UHP tires. UHP tire sales accounted for 36.9% of total sales during the second quarter.
Q2 2017 Consolidated Financial Result
(Unit: Million USD) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017
Sales 1,484.9 1,420.1 1,475.8
Operating Profit 266.7 201.2 180.4