Hankook increases Group profits with record high sales
Hankook Tire made 585.8 billion Korean won (383.3 million euro) in financial year 2010 operating profit, the company has announced. Helping Hankook achieve these figures was a record-breaking global sales total of 5.4 trillion won (3.5 billion euro), which fulfilled its aggressive global sales target to exceed 5.1 trillion won and recording an 11.5 per cent year-on-year increase. The company’s 2010 operating profit represented a 6.7 per cent increase. Hankook also said it sold more tyres than ever before to the European markets produced at its new European plant in Hungary.
Hankook states that the key drivers for the increases were “surging sales in the emerging markets, steady growth in Hankook’s strategic markets in North America, Europe and Asia Pacific, and the increasing demand for Hankook UHP tyres, which registered global sales of UHP tyres (a 42.2 per cent increase). Sales in Latin America and the CIS region rose 64.7 and 49.7per cent respectively. UHP tyre OE supplies jumped 80.7 per cent in Korea and 57.3 per cent in China.
Seung Hwa Suh, vice chairman & CEO of Hankook Tire said: “2010 was the cornerstone of a new era for Hankook Tire, as we achieved record performance and set new plans for further growth, including the expansion of Hankook’s production capacity with new plants in Indonesia and China. In 2011 as we celebrate our 70th anniversary, Hankook’s priorities are to build a sustainable and creative corporate culture as well as to further initiate environment-friendly approaches as a leading global tyre company.”
For 2011 Hankook Tire aims to achieve global sales of 6.06 trillion won, reflecting the boosted production capacity at its Hungarian plant. It also plans to “enhance its brand value based on quality standards of technology and service competencies”, the company stated, exemplified by its involvement as the exclusive tyre supplier to the international touring car racing series DTM.
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