SEOUL (Oct. 30, 2007) — Strong European results and high-performance tire sales spurred Hankook Tire Co. Ltd. to a 6-percent rise in operating profits and an 11.1-percent increase in sales in its third quarter, despite higher costs.
The South Korean tire maker reported consolidated operating profits of $83.8 million in the third period. Sales rose to $990.6 million.
Hankook said its European sales climbed 27 percent for the quarter, and it posted 12.8- and 7.6-percent increases in China and South Korea, respectively. The firm also said overall sales of ultra-high-performance tires rose 5 percent.
The third-quarter performance exceeded analysts' expectations, according to Hyun Shick Cho, Hankook chief marketing officer. That improvement came even though the cost of goods sold rose 10 percent.