SEOUL, South Korea (July 21, 2010)—Hankook Tire Co. Ltd. built on its strong results in the first quarter and posted a 22.7-percent increase in operating profits on a 13-percent rise in sales for the second quarter.
The tire maker said record-breaking figures were driven by strong business performance in the emerging markets such as the Commonwealth of Independent States region and Latin America, with stable growth in China, Europe and North America. This occurred despite rising raw material prices.
The South Korean tire maker said its quarterly operating profits rose to $151.8 million, on sales of $1.2 billion, compared to a year earlier.
Profits generated in South Korea reached record levels for the quarter, rising 22.4 percent from the year earlier.
The firm predicted continued growth in the second half.