Hankook Reports Decline in Quarterly Earnings
Hankook Tire Co. reported a 23.9 per cent decline in quarterly earnings, based on a stronger won and high raw materials costs, and the company has downgraded its full-year outlook, as reported by the Korea Times. Net profit totalled £24 million ($45.49 million) for the three months ending 30 June. Sales dropped 0.7 per cent, while operating profit declined 32.8 per cent. In the first half of the year, Hankook’s net profit was down 12.2 per cent from the previous year. Revenue grew 1.05 per cent, but operating profit fell 29.92 per cent.