Hankook Tire Q1 Operating Profit 105.8 Billion KRW... 24.7% Decrease from Last Year

[Asia Economy Reporter Kiho Sung] Hankook Tire & Technology (hereinafter Hankook Tire) announced that it recorded sales of 1.4357 trillion KRW and operating profit of 105.8 billion KRW in the first quarter of 2020 based on global consolidated management performance. These figures represent decreases of 12.6% and 24.7%, respectively, compared to the same period last year.

On the 7th, Hankook Tire stated through a public disclosure, "Performance declined due to a sharp drop in tire demand caused by the global economic downturn and weakened consumer sentiment resulting from the spread of the novel coronavirus infection (COVID-19)."

On the other hand, despite the impact of COVID-19, the sales proportion of high-inch passenger car tires of 18 inches or larger accounted for 33.7% of passenger car tire sales. This is an increase of 2.7 percentage points compared to the same period last year.

A Hankook Tire official said, "Going forward, Hankook Tire plans to further solidify its position as a premium brand by expanding sales of high-inch tires of 18 inches or larger in key markets, supplying premium new car tires, and strengthening product competitiveness. In addition, to overcome the difficult market environment, we plan to establish a foothold for gradual sales improvement by optimizing distribution strategies for each overseas region based on a diversified product portfolio and global production and distribution networks, including continuous expansion of sales channels."

This content was produced with the assistance of AI translation services.