Hankook Tire, the leading and one of the fastest growing tire companies in the world, today announced financial results for the third quarter of 2013. The company posted global consolidated quarterly revenue of KRW 1.80 trillion and operating profit of KRW 244.2 billion, marking an operating profit to sales ratio of 13.6%.
In the midst of continued global economic recession, Hankook Tire’s quarterly revenue reported a well-sustained YoY growth at 0.8% compared to the year-ago quarter. Moreover, its operating profit marked a more robust increase at a rate of 9.9% YoY, which underscores the company’s healthy business operation as a global market player.
Hankook Tire’s solid financial performance for this quarter was highlighted by a continued expansion of original equipment (OE) business, especially in the premium sector. Most notably, Hankook Tire has recently revealed a series OE fitment supply agreements with global premium automakers, including Mercedes-Benz’s flagship models, the new S-Class and E-Class, BMW 5-Series, as well as three of the best-selling Japanese automotive brands – Toyota, Nissan and Honda.
Pertaining effects of such a significant OE business expansion were translated into a sharp growth in OE sales across strategic markets such as China and Europe, with 8.3% and 6% YoY increases, respectively.
“Providing industry leading product quality and service for our customers, original equipment partners and consumers is a main focus of our activities in the United States,” said Byeong Jin Lee, President, Hankook Tire America Corp. “Hankook Tire’s recently announced plans to build its 8th manufacturing facility in the Clarksville, Tennessee is further indication of our commitment to the U.S. market.”
