Hankook posts strong Q3 gains

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Hankook Tire says increasing demand from emerging markets helped push third quarter global consolidated sales to $1.41 billion CAD, a 7.1 per cent year-over-year leap.

The tire company says Q3 operating profit hit $150 million, in spite of rising raw material costs.

“As we reach our 70th anniversary in 2011, I am positive that we can end this year fulfilling the goals we had set earlier and get ready for a new era of sustainable growth,” said Seung Hwa Suh, vice chairman and CEO of Hankook Tire.

Healthy performances in Korea, China, Hungary and Latin America helped drive demand. Sales rose over 50 per cent for the second quarter this year.

Hankook Tire’s recent expansion of its global OE portfolio to leading automobile manufacturers was due in part to increased brand value, the company noted.

On the strength of the growth reported today, Hankook said it aims to achieve a sales target that exceeds $4.58 billion this year.