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Hankook sales, profits dip in Q2

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SEOUL, South Korea (July 30, 2014) — Hankook Tire Co. Inc. suffered 7.4- and 11.2-percent drops in operating income and sales, respectively, for the second quarter of fiscal 2014.

Hankook, the world’s No. 7 tire maker, did not elaborate on the reasons for the declines or provide any regional comparisons.

For the quarter ended June 30, operating income fell to $243.8 million as sales dropped to $1.66 billion. As a result, the operating result improved slightly to 15.1 percent.

The UHP tire segment accounted for 30 percent of the company’s consolidated quarterly sales, Seoul-based Hankook said.

For the half year, operating income slipped 4.3 percent to $496.3 million as sales dipped 6 percent to $3.24 billion. The operating result was up slightly to 15.3 percent.

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