Hankook Tire Reports Q3 Operating Profit of 192.4 Billion KRW, Up 9.8% YoY
Recorded Sales Revenue of 2.2997 Trillion Won
[Asia Economy Reporter Kiho Sung] Hankook Tire & Technology (Hankook Tire) announced on the 2nd that its global consolidated sales for the third quarter of this year reached 2.2997 trillion KRW, with an operating profit of 192.4 billion KRW.
Hankook Tire's third-quarter results showed a 25.7% increase in sales and a 6.4% increase in operating profit compared to the same period last year, and a 12.7% increase in sales and a 9.8% increase in operating profit compared to the previous quarter.
Despite a challenging business environment, sales and operating profit increased due to price hikes in major global markets including Europe and North America, an expansion in the proportion of high value-added products, and the reflection of exchange rate effects. Additionally, with increased vehicle production in key global regions, sales of original equipment (OE) tires improved not only domestically but also in Europe, the United States, and China.
In particular, the sales proportion of high value-added passenger car tires sized 18 inches and above recorded approximately 41.1%, rising 4.7 percentage points compared to the same period last year. By region, the sales proportion of 18-inch and above high-inch passenger car tires increased by 4.2 percentage points to 51.4% in Korea, by 4.4 percentage points to 30.1% in Europe, by 3.6 percentage points to 51.2% in the United States, and by 8.9 percentage points to 52.3% in China.
On the other hand, due to factors such as weakened consumer sentiment caused by inflation, the Russia-Ukraine conflict, and partial lockdowns in China, demand for replacement tires (RE) in major markets slowed compared to the same period last year.
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Regarding the Korean factories (Daejeon and Geumsan plants), the guerrilla strikes by the Korean Metal Workers' Union Hankook Tire branch of the Korean Confederation of Trade Unions, ongoing since July, resulted in a cumulative profit margin of 0% for the third quarter this year and caused significant disruptions to exports overseas. Especially since recording an annual loss last year, profitability recovery remains insufficient.
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