November 12, 2019 |
Hankook Tire Announces 2019 Q3 Financial Results
- High inch tyres (over 17 inches) account for 55% of total sales, a 3% YoY increase, achieving quality growth
- Strengthened its line-up for high inch tyres, adding Porsche Cayenne, Audi Q8 and Ford Explorer to its original equipment portfolio
Seoul, Korea, 4 November 2019 – Leading global premium tyre maker, Hankook Tire (President & CEO Hyun Bum Cho) announced the company’s 2019 Q3 Financial Results, with consolidated global sales of KRW 1.8332 trillion and an operating profit of KRW 180.0 billion.
Q3 2019 Consolidated Financial Result
| (Unit: Billion KRW) | Q3 FY 2018 | Q2 FY 2019 | Q3 FY 2019 |
|---|---|---|---|
| Sales | 1,755.3 | 1,740.5 | 1,833.2 |
| Operating Profit | 187.5 | 105.7 | 180.0 |
| (Unit: Million USD) | Q3 FY 2018 | Q2 FY 2019 | Q3 FY 2019 |
|---|---|---|---|
| Sales | 1,565.0 | 1,492.8 | 1,536.3 |
| Operating Profit | 167.2 | 90.7 | 150.8 |
| (Unit: Million EUR) | Q3 FY 2018 | Q2 FY 2019 | Q3 FY 2019 |
|---|---|---|---|
| Sales | 1,345.8 | 1,328.7 | 1,380.6 |
| Operating Profit | 143.8 | 80.7 | 135.6 |
*Exchange Rates:
| Q3 FY 2018 | Q2 FY 2019 | Q3 FY 2019 | |
|---|---|---|---|
| USD / KRW | 1,121.59 | 1,165.91 | 1,193.24 |
| EUR / KRW | 1,304.25 | 1,309.91 | 1,327.86 |
Based on its global top-tier technology and quality competitiveness, sales of high inch tyres (over 17 inches) accounted for 55% of passenger car tyres, leading to a 3% YoY increase. In particular, the steady growth of high inch tyres (over 17 inches) in major markets such as Korea, Europe, North America, and China further solidified its premium brand image.
Moreover, Hankook Tire further reinforced its line-up of high inch tyres to meet the growing demand in the global SUV market. The company supplied original equipment tyres to the 3rd-generation Cayenne SUV of Porsche, the new Audi Q8, Audi’s SUV flagship, and to the All-New 2020 Ford Explorer, America’s best-selling SUV.
On the other hand, weakened consumer confidence, caused by the global economic downturn, intensified tyre market sales competition, and slowed demand. This also affected the supply of original equipment tyres and the demand for replacement tyres in major markets.
Going forward, Hankook Tire plans to focus its capabilities on enhancing its brand image by strengthening its competitiveness in premium products, especially segments with high growth potential. In addition, the company plans to diversify its original equipment portfolio to build a stable growth structure and optimise distribution strategies for different regions abroad.
Source: Hankook
