SEOUL, South Korea—Hankook Tire Co. Ltd. reported 11.3 percent better operating income for the quarter that ended June 30 on 1.4 percent higher sales, yielding an earnings/sales ratio of 14.5 percent.
Hankook's operating income rose to $237.7 million on sales of $1.64 billion.
The tire maker did not elaborate on the reasons for its improved earnings performance, but Hankook Vice Chairman and CEO Seung Hwa Suh noted the firm's growth is predicated on "our foresight into the future to solidify our foundation for growth based on balanced global production portfolio and advanced R&D capabilities."
Hankook also is looking forward to the second half and beyond as its new plants in Chongqing, China, and Cikarang, Indonesia, ramp up production, providing a more "flexible global supply network." It did not, though, offer specific sales forecasts.
The company pointed out demand for its ultra-high-performance tires continues to grow exponentially, particularly in China and North America, where UHP tire sales rose 32 and 15 percent, respectively.
Hankook's operating income for the first half of fiscal 2013 rose 11.3 percent to $467.2 million on slighly lower sales of $3.11 billion.