SEOUL, South Korea (July 31, 2009)—Hankook Tire Co. Ltd. nearly doubled its operating profit in the second quarter on 13.1 percent higher sales.
Hankook reported operating income of $112.7 million for the three months ended June 30 on sales of $978.4 million and operating earnings of $140 million and sales of $1.86 billion for the first half.
Hankook pointed in particular to its operations in China and Hungary as drivers of its gains, the latter reporting operating profits in the quarter on a 44.6-percent jump in sales. The Korean company also reported signs of recovery in its domestic market.
In the U.S., Hankook Tire America Corp. reported its second consecutive quarter of growth over the previous calendar quarter, reporting an increase in sales of more than $30 million in the second quarter over the first quarter.