Hankook tyre continues to record record sales in third quarter
Hankook Tyre (www.hankooktire.com), the seventh-largest and one of the fastest growing tyre companies in the world, announced that its third quarter global consolidated sales marked KRW1.5 trillion, recording 7.1 per cent YoY increase. The company’s third quarter operating profit recorded KRW163.4 billion.
Hankook Tyre has shown continuous growth every quarter in 2010 and sales generated from Korea, China and Hungary again marked the highest ever quarter records, despite the rising raw material prices. Sales from Korea, China and Hungary showed 10.1 per cent, 6.6 per cent, and 13.7 per cent YoY growths respectively.
The increasing demand from emerging markets such as the CIS region and Latin America continued to contribute to the company’s strong sales performance. Due to Hankook’s growing reputation for high-quality tyres in the CIS region, sales rose 51.2 per cent from the second quarter this year, which is also a 28.7 per cent YoY increase. Also the company’s vigorous marketing strategy in Latin America paid off with a dramatic 72.5 per cent YoY surge.
Another accomplishment that led to growth was Hankook Tyre’s Ultra High Performance (UHP) tyre sales that attracted more global customers. The overall global sales of UHP tyres marked a 30 per cent year-over-year increase, and the sales figures were especially swung upward in the Americas and Asia Pacific markets. Hankook Tyre also established remarkable results from UHP tyre supplies to auto manufacturers around the world. The company’s UHP Original Equipment (OE) supplies produced in Korea and China were up 82.7 per cent and 51 per cent respectively from the same period last year.
Hankook Tyre has recently expanded its global OE portfolio to leading automobile manufacturers, due in part to an increased brand value and the customers’ trust on the superb quality the brand represents. With these accomplishments, Hankook aims to achieve a sales target that exceeds KRW 5 trillion this year.
Mr Seung Hwa Suh, Vice Chairman and CEO of Hankook Tyre said: “Hankook Tyre’s untiring growth momentum is evident in the quarterly announcements made this year.” Mr Suh added: “As we reach our 70th anniversary in 2011, I am positive that we can end this year fulfilling the goals we had set earlier – and get ready for a new era of sustainable growth.”
About Hankook Tyre Co., Ltd
Hankook Tyre (Vice Chairman and CEO: Seung Hwa Suh) is the seventh largest and one of the fastest growing tyre manufacturers in the world. It produces innovative, superior quality and high performance radial tyres for passenger cars, 4x4s, SUVs, light trucks, campers, trucks, buses and motor sports. It invests approximately five per cent of its revenue in research and development and develops cutting-edge technologies through its five global R&D Centres, meeting regional customer demands and enhancing customer satisfaction. Selling tyres in over 180 countries around the world, the company has more than 14,000 employees. Approximately 70 percent of its revenue comes from growing overseas sales.
For more information, please visit Hankook Tyre’s global web site at www.hankooktire.com
At Megatyre, North Shore, Auckland, our sales of Hankook and Kingstar tyres are strong; customers appreciate the good pricing and quality these tyres offer.