SEOUL, South Korea (Jan. 19, 2010)—Hankook Tire Co. Ltd. more than quadrupled operating income last year on 18-percent higher sales, buoyed by strong performances in the domestic market, China and the Middle East.
Hankook reported its operating profit jumped 381 percent to $429.3 million on $3.76 billion in sales, pushing the profit/sales ratio up eight percentage points to 11.4 percent.
For fiscal 2010, Hankook is looking to maintain earnings at the same level while increasing sales 6 percent.
Hankook Tire Vice Chairman and CEO Seung Hwa Suh attributed the performance to “our market diversification strategies and our priority on attaining premium quality.” Suh said the firm's goal of achieving sustainable growth will rely on its “ongoing efforts for customer safety and the environment as a leading global company.”
The company did not comment on its operations in North America, where the firm reported increased sales in the first three quarters, including 26.7-percent growth in the third quarter alone.