Hankook Tire posts 7.7% y/y decline in 2015 net profit.

North American market showed a solid performance, but sales in China and other regions lacklustre

Hankook Tire has posted a 7.7% year-on-year (y/y) decline in net profits during 2015, reports Yonhap News Agency. Total net profits in the year came in at KRW645.7 billion (USD531.5 million), compared with KRW699.3 billion posted in 2014. Operating profile also declined 14.4% y/y to KRW884.12 billion, while sales revenues stood at KRW6.44 trillion, representing a decline of 3.5% y/y. "Although demand recovered in advanced economies, oversupply toughened competition in the market," the company said in a statement.