SEOUL, South Korea — Hankook Tire Co. Ltd.'s operating profit fell 8 percent in the quarter ended March 31 to $200.8 million, despite a 0.8-percent increase in sales to $1.43 billion.
The company did not disclose what impacted its profits, but attributed its sales performance to its ultra-high-performance tires and overall sales increase across different region
Sales of UHP tires increased 1.4 percent, compared with the year-ago period, accounting for 36.7 percent of total sales generated during the first quarter, the company said.
UHP sales increased 11 percent and 26 percent in Europe and China, respectively, "mainly driven by the increased supply of original equipment tires and the stabilized sales of replacement tires," the tire maker said.
Hankook said it will "sharpen its competitive edge in premium tires" and is planning to expand sales of UHP tires and 17-inch or larger tires as future demands are expected to increase.