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Hankook Tire's operating profit jumps 21.7 pct in Q3

11-01-2012 17:06 BJT

SEOUL, Nov. 1 (Xinhua) -- Hankook Tire, South Korea's leading tire maker, said Thursday that its operating profit jumped 21.7 percent in the third quarter from a year earlier, fueled by brisk overseas sales of its ultra-high performance (UHP) tires.

Operating profit reached 219.6 billion won (201 million U.S. dollars) in the three months ending Sept. 30, up 21.7 percent from the same period last year, according to an e-mailed statement.

The world's seventh-largest tire maker saw its sales expand 5.8 percent in the third quarter from a year earlier to 1.79 trillion won, continuing to meet its upward momentum.

The solid earnings result was mainly attributed to robust sales of UHP tires in China and North America. The company's UHP revenues in North America soared 68.9 percent on-year in the third quarter, with figures for China and Europe jumping 50 percent and 10.9 percent respectively. "Increasing demand in out UHP tires added with our strategic expansion in key emerging markets were key contributors to our growth despite the global economy experiencing persistent stagnation and the eurozone crisis," said Suh Seung-hwa, vice chairman and chief executive of Hankook Tire.

In addition to the healthy demand for UHP tires, new original equipment (OE) fitment agreements in China and North America also contributed to the business growth. Hankook recently announced that its products will be factory-installed in the premium sedans such as Ford Lincoln and Chrysler Dodge.


Editor:James |Source: Xinhua

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