Hankook Tire reports 57.9% y/y growth in 2012 operating profits on higher revenues

Results were primarily driven by strong demand for its ultra-high performance (UHP) tyres, sales of which grew 30.2% y/y.

South Korean tyre producer Hankook Tire has reported a 57.9% year-on-year (y/y) increase in operating profits for 2012. In a statement sent to IHS Automotive, the company said its operating profit increased to KRW912.9 billion (USD838 million) last year on the back of strong global sales. Sales revenues during the period stood at KRW7.029 trillion (USD6.45 billion), up 8.3% y/y. Hankook Tire's 2012 results were primarily driven by strong demand for its ultra-high performance (UHP) tyres, sales of which grew 30.2% y/y. In particular, the UHP tyre sales in emerging markets including Russia, the Commonwealth of Independent States (CIS) and Latin America drove its growth, collectively achieving an 86.5% y/y increase. The tyre-maker is targeting global sales revenue of KRW 7.369 trillion in this year.