Hankook Tire Q3 Operating Profit 180.8 Billion KRW... 19% Decrease YoY

[Asia Economy Reporter Changhwan Lee] Due to the semiconductor supply shortage and logistics disruptions, Hankook Tire's third-quarter performance declined compared to the previous year.

Hankook Tire announced on the 1st that its sales in the third quarter reached 1,829.4 billion KRW, and operating profit was 180.8 billion KRW.

Compared to the same period last year, sales decreased by 3.0%, and operating profit fell by 19.5%.

The causes include a reduction in new car tire supply due to a shortage of vehicle semiconductors, global logistics disruptions such as shipping capacity issues, and rising raw material prices.

Despite the difficult conditions, sales increased by 1.3% compared to the previous quarter due to continuous demand for replacement tires.

The sales proportion of high-inch passenger car tires of 18 inches or larger accounted for approximately 36.4%, rising by 2.4 percentage points (P) compared to the same period last year, continuing qualitative growth.

In particular, the sales proportion of high-inch passenger car tires of 18 inches or larger increased in all major markets including Korea, China, Europe, and North America. The Chinese market rose by 9.8%P to 43.4% compared to the same period last year, the European market increased by 3.6%P, and both the Korean and North American markets also rose, driving growth.

Hankook Tire aims to achieve sales exceeding 7 trillion KRW in 2021 and plans to continue focusing in the fourth quarter on expanding sales of high-inch tires in key markets by strengthening premium brand competitiveness, expanding partnerships with premium automakers, and securing a leading position in the electric vehicle market.

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