Seoul, Korea / Neu-Isenburg, Germany, May 03, 2017 – Hankook Tire announced its global financial results for the first quarter of 2017 with consolidated sales of KRW 1.639 trillion (1.333 billion Euro) and an operating profit of KRW 231 billion (187.88 million Euro). This positive growth is mainly attributed to the impressive sales performance of Ultra High Performance Tires (UHPT) and an overall sales increase across different regions.
Sales of UHPT grew by 1.4 percent year-on-year, accounting for 36.7 percent of total sales generated during the first quarter. In particular, UHPT sales showed an 11 percent and a 26 percent year-on-year increase in Europe and China, respectively. This significant sales growth in both regions was mainly driven by the increased supply of original equipment tires (OET) and the continued strong sales of replacement tires (RET).
The company is planning to expand sales of UHPT and larger size tires starting from 17-inch, as future demand is expected to increase. All in all, while continuing to promote its global brand value and technology leadership, Hankook Tire will sharpen its competitive edge in premium tires.
Q1 2017 Consolidated Financial Result
(Unit: Billion KRW) | Q1 FY 2016 | Q4 FY 2016 | Q1 FY 2017 |
Sales | 1,626.0 | 1,610.6 | 1,639.2 |
Operating Profit | 251.1 | 239.2 | 231.0 |
(Unit: Million USD) | Q1 FY 2016 | Q4 FY 2016 | Q1 FY 2017 |
Sales | 1,353.4 | 1,395.4 | 1,420.11 |
Operating Profit | 209.0 | 207.1 | 200.12 |
(Unit: Million EUR) | Q1 FY 2016 | Q4 FY 2016 | Q1 FY 2017 |
Sales | 1,227.3 | 1,295.0 | 1,333.18 |
Operating Profit | 189.5 | 192.2 | 187.88 |
*Exchange Rates
| Q1 FY 2016 | Q4 FY 2016 | Q1 FY 2017 |
USD / KRW | 1,201.44 | 1,157.37 | 1,154.28 |
EUR / KRW | 1,324.87 | 1,247.02 | 1,229.54 |
(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)