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Hankook Tire Q3 sales and operating profit drop

Hankook Tire Q3 sales and operating profit drop

Hankook Tire reported a drop in its  sales and operating profit for the third quarter of FY 18 .

The company’s consolidated global sales stood at $1565.37 million in Q3FY18 as against $ 1611.41 million in the same period of last FY. Operating profit dropped to $ 164.59 million compared to $191.74 million in Q3FY18.

“Operating profit decreased by 15% compared to the same period last year due to the slight decrease in supply of original equipment tyres driven by the slowdown of demand in the automobile market and the initial operation cost of the Tennessee plant in the U.S,” said the company.

Based on Hankook Tire’s global top-tier technology and premium product quality, sales of high inch tyres (over 17 inches) accounted for 52% of all passenger car tyres, leading to a 4.5% increase compared to the same period last year and reinforcing Hankook’s premium brand image.

Sales of replacement tyres have increased in the third quarter of 2018 compared to the same period last year due to stable qualitative and quantitative growth driven by the steady sales of high inch tyres in Europe, Korea and China.

 

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