SEOUL (May 11) — Hankook Tire Co. Ltd. reported lower operating and recurring earnings despite 14.6-percent higher sales for the first quarter.
Hankook´s sales growth came primarily in Europe and China, where the firm´s revenues rose 23 percent. Sales in North America, by contrast, were up 2 percent to $104.1 million on the strength of a recent 5-percent price increase.
Hankook´s sales in South Korea were up 9 percent.
Operating income fell 7.6 percent to $85.1 million and recurring profit fell 20.8 percent to $66.4 million, Hankook said, while sales grew to $896.9 million.
Within the product mix, Hankook reported sales of ultra-high-performance tires grew 21 percent during the period to $68.4 million, about 90 percent of which was generated overseas.