Hankook Tire 2016 nets up 24.7% on yr
Hankook Tire has released the financial results for 2016.
The company’s sales revenue in 2016 totaled KRW 6.62 trillion (about USD 5.72 billion), up 3.1% year on year; and the operating profit was 1.1 trillion won (about 950 million dollars), up 24.7%.
In the final quarter of 2016, Hankook’s global sales revenue amounted to 1.61 trillion won (about 1.39 billion dollars), up 1.2%; and the operating profit was 239.8 billion won (about 207 million dollars), up 0.3%.
Hankook provided original tires for high-end auto brands across the world. The sales growth of UHPT and retail growth in the European market boosted Hankook’s overall sales.
In addition, growing OE sales of Hankook in China also contributed to its global sales increase.
In the final quarter of 2016, the sales of UHPT of Hankook accounted for 33.5% of the firm’s total tire sales, up 0.7%, and the share in 2016 was 34.5%.
Hankook predicts its sales revenue in 2017 to reach 7.22 trillion won and the operating profit to reach 1.1 trillion won.
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