Hankook Tire Announces Third Quarter Financial Report

Hankook Tire announced that its third-quarter sales increased by 23% year-on-year to 1.69 trillion won (approximately US$1.48 billion). However, operating profit in the third quarter decreased by 23.2% year-on-year to 129.9 billion won (about 100 million U.S. dollars).

Sales growth was achieved in the first three quarters of this year, and Hankook Tire attributed the continued growth in sales to the diversification of the market, the increase in production capacity, and custom tires according to customer requirements.

In the third quarter of this year, Hankook Tire's sales in the European market increased by 49.6% year-on-year; the South American market increased by 30.1% year-on-year; the Middle East market increased by 36.2% year-on-year; the Asia-Pacific region grew by 26.7% year-on-year.

Hankook Tire is one of the world's largest and fastest growing tire manufacturers. It produces radial tires for passenger cars, trucks and passenger cars. It has sales networks in 180 countries and employs more than 16,000 people. Nearly 80% of the company's annual revenue comes from increasingly mature overseas markets.