Hankook Tire, the leading and one of the fastest growing tyre companies in the world, today announced its financial results for the third quarter 2014 with global consolidated sales of KRW 1.72 trillion and operating profit of KRW 276 billion. Despite slow global economic recovery, Hankook Tire reinforced its brand equity as a global premium tyre company with a 3.3% increase in sales and a 9.9% growth in operating profit compared to the previous quarter.
Hankook Tire’s global business is continuing its growth based on technological leadership and superior quality performance. In the past three quarters of 2014, the accumulated sales of Ultra High Performance (UHP) tyres accounted for approximately 31% of the company’s gross sales revenue. This is comparatively higher than the previous sales portion of UHP tyres for the same period in 2013, which marked 28.4% in total.
Hankook Tire also accelerated its business growth in the advanced markets where it saw 15.4% and 10.3% sales increases in Europe and North America respectively compared to the second quarter. Such growth is evidently resulted from the company’s advanced tyre performance and quality as well as its strengthened distribution channels in North America.
Steady expansion of the company’s Original Equipment (OE) portfolio contributed significantly, a key indicator that Hankook Tire is solidifying its position as a global top-tier tyre brand. Hankook Tire recently announced several OE announcements including a supply agreement of the company’s runflat tyres for German premium automakers.
With continued investment in R&D and production capability, Hankook Tire expects successive completions of the new R&D center in Korea, HANKOOK TECHNODOME, and its new Tennessee Plant, the U.S. in 2016. Enhanced capability will strengthen Hankook Tire’s strategic foundation with sharp competitive edge in the global automotive market.