Hankook Q3 2019 profit at $150.8 million

Hankook Q3 2019 profit at $150.8 million

Hankook Tire has reported a consolidated global sales of $1,536.3 million and an operating profit of $150.8 million for the third quarter of 2019. The sales and operating profit for the last quarter were $1,492.8 million and $90.7 million respectively.

Sales of high inch tyres (over 17 inches), in major markets such as Korea, Europe, North America, and China, accounted for 55 percent of passenger car tyres, leading to three percent YoY increase, said the company.

Hankook Tire has further reinforced its line-up for high inch tyres, following the growing demand in the global SUV market. Besides, it is the OE supplier for Cayenne SUV of Porsche, the new Audi Q8, Audi’s SUV flagship, and to the All-New 2020 Ford Explorer, America’s best-selling SUV.

“Weakened consumer confidence caused by the global economic downturn has intensified tyre market sales competition, slowing demands. This has also affected the supply of original equipment tyres and the demand for replacement tyres in major markets,” said a company statement.

In the future, Hankook Tire plans to focus on enhancing its brand image by strengthening its competitiveness in premium products, especially segments with high growth potential. Also, the company plans to diversify its original equipment portfolio to build a stable growth structure and optimize distribution strategies for different regions abroad, company said.

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