Hankook Tire Reports Q2 Sales of KRW 1.3676 Trillion and Operating Profit of KRW 70.1 Billion

[Asia Economy Reporter Kiho Sung] Hankook Tire & Technology (hereinafter Hankook Tire) announced on the 3rd that it recorded sales of 1.3676 trillion KRW and operating profit of 70.1 billion KRW based on global consolidated management performance for the second quarter of this year.

Compared to the same period last year, Hankook Tire's sales decreased by 21.4% and operating profit decreased by 33.6%. Hankook Tire stated, "Although the decline in performance was inevitable due to the economic recession caused by COVID-19, we continue to maintain profitable management. However, the Korean factories (Daejeon and Geumsan plants) recorded an operating loss in the second quarter due to increased costs from reduced factory operating days and a decrease in demand for new car tires and replacement tires in key markets including Korea, Europe, and the United States, directly suffering the impact of COVID-19," they explained.

Hankook Tire has recently focused on overcoming the COVID-19 crisis, with the labor union delegating all authority regarding wage adjustments to the company, and all executives voluntarily returning 20% of their salaries from May until the management situation normalizes.

Hankook Tire stated, "In the second quarter, tires sized 18 inches or larger accounted for 32.6% of passenger car tire sales, an increase of 1.1 percentage points compared to the same period last year, and stable growth of large-diameter tires was recorded in key markets such as Korea and China. Going forward, we plan to further solidify our position as a premium brand by expanding sales of tires sized 18 inches or larger in key markets, supplying premium new car tires, and strengthening product competitiveness."

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