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Hankook Tire Doubles Quarterly Operating Profits

Hankook Tire has reported strong second quarter sales of 1,257.3 billion won (715.822 million euros; 1.009 billion), up 10.3% from 1,111.7 billion won (637.191 million euros; $893.855 million) in the second quarter of 2008.

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However, the company also recorded a 239.6% increase in quarterly operating profits, which grew from 79.0 billion won to 144.8 billion won (82.944 million; $116.456 million) in the second quarters of 2008 and 2009, respectively.

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The Hankook Tire China and Hungary operations saw record-high growth that led to a triple-digit percentage increase in its operating profit figures. In particular, the China operation reportedly recorded a 34.8% sales increase quarter-on-quarter due to an increase in consumer demands and OE supplies, in line with the growing Chinese automotive industry. The Hungary operation showed a 44.6% sales increase year-on-year and resulted in operating profits following growth in the European market and cost efficient production. (Tyres & Accessories/Staffordshire, U.K.)

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