HANKOOK TIRE’S 2016 OPERATING PROFIT ROSE 21%

Time: Feb 8th  2017   Copy editor: Tyrefull

Despite the flat sales growth, Hankook Tire’s operating profit for the financial year 2016 rose in a double digit.

The South Korean tyre company’s sales in 2016 stood at $ 5,710 million as against $ 5,681 million in 2015. Operating profit rose 21% to $951 million as compared with $782 million in 2015.

The South Korean company said that the financial results are attributed to continuous products supply to its  premium automobile consumer and an increased sales volume in the replacement tyre  segment, especially in the Ultra High Performance Tyre (UHPT) segment including sales of winter tyres in Europe added up to a consistent upward trend. Furthermore, Hankook Tire managed to secure balanced growth through also increasing OE sales in the Chinese market.

“Especially, revenue from UHPT sales accounted for 33.5% of the total sales in the fourth quarter, marking a 0.7% increase in comparison to the same period of last year. With regard to 2016’s total sales, the sales revenue of UHPT comes to 34.5%,” said Hankook Tire.

“With this year’s goal of reaching global sales revenues of KRW 7.22 trillion, Hankook Tire plans to focus on expanding sales in the UHPT segment as well as in the OE segment for new premium car models in order to strengthen its brand value. Moreover, the company will further enhance its presence in the global market through diversifying the OE portfolio and optimizing each regional distribution strategy,” added it.

AD: You can get  better price from us for Doublestar tire. Doublestar brand tire is the TOP 10 Chinese brand tires since 2004. Give us a call and  you would get a surprice price!