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Hankook Tire Q2 sales spike

Hankook Tire Q2 sales spike

Hankook Tire reported consolidated global sales of 1.325 billion euro and an operating profit of 142.4 million euro for the second quarter ended June 31.

Sales inched up 2.3% to 1.325 billion euros on balance growth in Europe, China, and US, as well as original equipment tyre expansion. However, the company’s operating profit fell to 142.36 million euro in Q22018 from 164.62 million euro in Q22017 due to the initial operation cost of US Tennessee Plant and increase in competition in the Korean market, the operating profit decreased by around 10% in comparison to last year.

Sales of bigger tyres, starting from 17-inch which accounted for 52% of passenger car tyres, also increased by 3.5% in Q2 compared the corresponding period.

“The focus will be on larger size tyres that are expected to see a growth in sales, starting from 17-inch. During the latter half of this year, through the stabilisation of the US Tennessee plant and increased sales of the replacement tyre market, sales performance is expected to improve,” added Hankook Tire


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