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