WAYNE, N.J. (April 30, 2012)—Hankook Tire Co. Ltd. reported double-digit increases in operating profits and sales for the quarter ended March 31, reflecting accelerated growth in the firm's key markets in North America, Europe and emerging economies.
Operating earnings for Hankook's fiscal 2012 first quarter jumped 21.5 percent to $208 million while sales rose 17.1 percent to $1.51 billion. Hankook's sales in Europe and North America rose 37 and 31 percent, respectively, while sales in key emerging markets such as South America and Southeast Asia jumped nearly one-third.
“Despite continued global economic downturn, we have been able to set global sales growth and operating profit based on consistent tire quality improvement as well as brand equity enhancement,” said Seung Hwa Suh, Hankook vice chairman and CEO, who noted Hankook will seek to build on the momentum “through intensive marketing and communication activities.”
Commenting on the firm's performance in North America—which accounts for about one-fifth of Hankook's global sales—Hankook Tire America Corp. President Soo Il Lee said the growth is “further evidence that our combination of exceptional product quality, enhanced marketing efforts and growing original equipment fitments are being noticed by consumers.”
North America and Europe led in ultra-high-performance tire sales growth, Hankook said, rising 33.9 and 45.2 percent, respectively.