News
Aug 10, 2009 - Hankook Announces Significant Increase in Q2 Earni
Hankook has announced their 2009 second quarter earnings results boasting an increase in sales of 10.8 per cent QoQ, along with an increase in operating profit of 310.2 per cent QoQ.
Hankook Tire China as well as the Hungary-based European production operation saw record-high growth that led to a triple-digit percentage increase in the company's operating profit figures to mark a turning point in the growth of the company. In particular, the China operations recorded a 34.8 per cent sales increase QoQ due to an increase in consumer demands and OE supplies, in line with the growing Chinese automotive industry. Hankook Tire's still growing European production operation in Hungary showed a 44.6 per cent increase in marketed tyres YoY and resulted, also due to cost efficient production, in operating profits following growth in the European market.
Hankook demonstrated a profit growth, showing signs of a recovering market, as the company's operation in Korea also saw an increase of 50.7 per cent QoQ in operating profit, with an on-going increase of 63 per cent YoY in sales of its ultra-high performance (UHP) tyres at KRW 21.3 billion in the second quarter.
Mr Seung Hwa Suh, Global CEO of Hankook Tire said: “With effective management of cost expenditures and marketing activities, which maximized return on investment, Hankook Tire saw marked growth in the first half of 2009, despite the current economic climate. We will continue to highlight our commitment to technology, particularly for environmentally friendly tyres, together with excellence for the development of high-quality products. We will continue to maintain stable growth in established markets, as well as expand on market shares in the emerging markets. We are particularly proud of growth in the Chinese and the European market, as we see that consumers in these markets show higher demands and preference towards our high value quality product.”
