Korea & Company Reports Q2 Operating Profit of 102.7 Billion KRW, Up 71.6% Year-on-Year

Sales Amounts to 308.6 Billion KRW

[Asia Economy Reporter Kiho Sung] Hankook & Company, the business holding company of Hankook Tire & Technology (Hankook Tire), recorded an operating profit of 102.7 billion KRW in the second quarter on a consolidated basis, an increase of 71.6% compared to the same period last year.

According to related industries on the 17th, Hankook & Company disclosed this information yesterday. Sales increased by 33.7% to 308.6 billion KRW, and compared to the first quarter of this year, sales and operating profit increased by 14.4% and 133.2%, respectively.

Hankook & Company effectively managed the sales prices of products under the domestically distributed "AtlasBX" brand and the globally operated "Hankook" brand in the lead-acid battery business sector, but experienced poor performance due to rising lead prices, a major raw material, and increased maritime freight costs.

However, the operating profit of the holding company increased as the performance of its major affiliate, Hankook Tire, was reflected in Hankook & Company's results.

Hankook Tire recorded an operating profit of 175.3 billion KRW in the second quarter, a 6.3% decrease compared to the same period last year, due to rising maritime freight costs, the Russia-Ukraine conflict, lockdowns in major Chinese cities, and inflation impacts.

Hankook & Company was newly launched as a business holding company in April last year through a merger with Hankook AtlasBX. It sells lead-acid batteries in about 120 countries worldwide.

Hankook & Company plans to lead the discovery of new businesses to strengthen new growth engines along with continuously enhancing business competitiveness in the battery business sector.

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