TYRES: Hankook posts strong first quarter financial results
Korean brand cements its position as the world's number seven tyre manufacturerHankook maintains its position as the world’s seventh-largest tyre manufacturer with strong revenue growth and operating profits for the second quarter of 2012.
With revenue of more than US$1.6 billion and an operating profit of US$187 million, the company’s business has grown over the previous year by 18.5 per cent and 112 per cent respectively.
Hankook attributes the results to investment strategies such as the expanded production facilities at its manufacturing plant in Hungary, plus added investment into global marketing.
The company’s Ultra-High Performance tyres scored a 22.2 per cent sales increase over the same period in 2011, while North American and other overseas markets saw respective growth of 30 per cent and 38.3 per cent.
Hankook says increasing recognition from global car brands of its Ultra High Performance tyres is playing a key role in growing overseas original equipment sales, resulting in a 41.3 per cent revenue gain compared to the same period in 2011.
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