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February 02, 2015 01:00 AM

Hankook's sales fall slightly

Tire Business Report
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    SEOUL, South Korea—Hankook Tire Co. Ltd.'s fiscal 2014 operating earnings were essentially unchanged from 2013 as sales fell 5.5 percent.

    The firm did not disclose net income at this time.

    Hankook said it was able to match fiscal 2013's operating earnings ratio despite what it said were diverse market conditions caused by the global economic recession.

    Operating profit stood pat at $981.5 million on sales of $6.36 billion, yielding an operating ratio of 15.4 percent, nearly a full point higher than last year.

    While sales revenue overall was down, Hankook said increased sales of ultra-high-performance and premium original equipment tires contributed to the financial results.

    UHP tire revenue grew 6.8 percent, Hankook said, to account for approximately 30 percent of the firm's global sales. Sales of run-flat tires and racing tires jumped 10.8 percent.

    Hankook Vice Chairman and CEO Seung Hwa Suh said, “Our strong performance in 2014 will serve as the foundation for Hankook Tire's plans to grow and expand its impact on the global tire market.

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