Hankook Tire reported global consolidated quarterly revenue of $1.87 billion CAD and an operating profit of $276.1 million CAD for the fourth quarter of 2015.
Hankook Tire secured an overall sales and operating profits that was on par compared with the same period last year. Despite sluggish global economy, the company has generated positive sales growth in the Ultra High Performance (UHP) tire segment, increased by 6.4% (compared with the same period last year). The UHP Tire segment accounts for 33% of the Hankook Tire’s overall revenue.
Especially, increased sales in North America contributed to Hankook Tire’s overall revenue showing 20% growth followed by an increase in the UHP Tire segment of 29% year-on-year respectively. The company’s UHP Tire sales in North America accounted for 33.3% of total revenue. With the steady positive growth, Hankook Tire expects to reinforce its competitiveness in the UHP Tire segment as it is important as a source of profit and creation of new technology.
The company will further enhance its presence in North America and Europe, and focus on sales expansion for UHP Tire and SUV segments. In addition, Hankook Tire will continue to make stable growth with optimized global network and solidify itself as a global top-tier tire company by diversifying its premium model portfolio among its OE business.