SEOUL, South Korea — Hankook Tire Co. Inc. suffered a 34.4-percent drop in operating income for the quarter ended June 30 on 3.5-percent lower sales.
Hankook attributed the drop in earnings to increased raw materials costs but did not comment on the reasons for the reduced revenue.
For the quarter, operating income fell to $179 million on sales of $1.46 billion; the operating ratio dropped nearly six points to 12.2 percent.
Hankook noted that sales of ultra-high-performance tires increased during the quarter, raising the share of total sales they represent to nearly 37 percent.
The Seoul-based tire maker did not comment on the results of its regional subsidiaries.
For the half year, operating profits were off 22.4 percent to $382.9 million on 1.4-percent lower sales of $2.9 billion.