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Hankook Tire Reports Growth in Q3

Hankook Tire has reported its financial results for the third quarter of 2017 and showed an increase in its sales and operating profit compared to the second quarter of 2017, but a decrease in its operating profit when compared to this time last year.

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Hankook Tire has reported its financial results for the third quarter of 2017 and showed an increase in its sales and operating profit compared to the second quarter of 2017, but a decrease in its operating profit when compared to this time last year.

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Hankook reported its global sales at KRW 1.824 trillion and an operating profit of KRW 214.1 billion. Compared to the second quarter of 2017, sales and operating profit increased by 9.5% and 4.6% respectively, while in comparison to the third quarter of 2016, sales has increased by 10.1% and operating profit has decreased by 29.2%.

The company has attributed the increase in sales to the stable sales of UHPT and increase in sales of winter tires in Europe. In addition, a sharp increase in sales of UHPT tires and expansion of premium original equipment tire (OET) supply in the Chinese market, and the sales of emerging markets in the ASEAN region, such as Indonesia have also contributed to the increase in sales.

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