Korea – Hankook Tire the seventh-largest and one of the fastest growing tire companies in the world, announced that it posted an earnings surprise in its Q1 operating profit for 2010 with KRW 212 billion, a 501.2% year-over-year increase.
Hankook Tire’s 2010 Q1 global earnings results jumped 17.6% to KRW 1.3 trillion in comparison to the previous year and its operating profit soared 501.2% marking KRW 212 billion. Operating profit to sales ratio was 15.9%, ascending from the 12.6% in Q4, 2009.
Hankook Tire’s noticeable accomplishment of global earnings in the first quarter was led by strong sales in all markets including Korea, China, and Europe. Due to significant improvements in productivity and brand value, Hankook Tire’s profitability climbed considerably, resulting in 25.6% and 40.6% year-over-year sales growths for its Korean and Chinese operations. In addition, the global original equipment (OE) business achieved a 90% year-over-year growth. Particularly Hankook Tire saw a 113% year-over-year growth in Chinese OE supply due to continuous expansion of the region’s automobile market. In case of Hungary, Hankook Tire’s increasing recognition for its high-quality products and services in Europe led to sales rising 17% compared to last year. Sales in the emerging markets, in particular the CIS region and Mid/South America, marked 49% and 20% quarter-on-quarter increases respectively.
Another key driver of successful business in the first quarter was Hankook Tire’s positive results in sales for ultra high performance tires(UHPT) that continued to see robust growth. Hankook Tire’s UHPT sales marked a remarkable 81% compared to 2009 Q1, and the sales figures in CIS, Latin America, China and Korea more than doubled. There were 51% and 61% year-over-year increases in Europe and North America as well proving the growing trust in Hankook Tire’s quality tires that is attracting more customers around the world.
Mr. Seung Hwa Suh, Vice Chairman & CEO of Hankook Tire stated, “Last year, Hankook Tire has amazed its competitors with an unprecedented business achievement despite economic difficulties. We are happy to unveil our quarterly results showing an incomparable year-over-year increase in operating profit that exceeds 500%.” Mr. Suh added, “With the amazing Q1 sales result, I believe that Hankook Tire will have a positive result throughout the year. We plan to maintain this growth momentum by providing our customers with high quality products and services.”
Meanwhile, Hankook Tire has set an aggressive sales target that exceeds KRW 5 trillion for this year. As Hankook Tire posts an earnings surprise in Q1, it draw closer in achieving the yearly target. This year, the company will focus on strengthening its brand value, increasing customer satisfaction based on superior quality and service, and expanding its OE tire supply to premium automakers.
Source:http://global.hankooktire.com/compmed/News_View.aspx?pageNum=4&subNum=4&ChildNum=2&Seq=524&PageNo=1&KeyValue=0&KeyWord=
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