In the fourth quarter of 2016, Hankook Tire's global sales revenue was 1.61 trillion won (approximately 1.391 billion US dollars) and its operating profit was 239.8 billion won (approximately US$207 million).
The 2016 operating profit increased by 24.7% year-on-year, mainly due to the increase in sales of high-end OEM OE tires and UHPT tires in major markets such as Europe and North America.
Hankook Tire's 2016 Profit Increase of 24.7%
(February 4, 2017) Recently, Hankook Tire announced the fourth quarter 2016 financial report. Its global sales revenue was KRW1.61 trillion (US$1.391 billion), and its operating profit was 239.8 billion KRW (US$207 million). ). In addition, the financial report shows that Hankook Tire's total sales revenue for fiscal year 2016 was 6.62 trillion won (approximately US$5.720 billion), and operating profit was 1.10 trillion won (approximately US$950 million).
Hankook Tire's achievement in these achievements is mainly due to its world-leading technology and excellent product quality. On the one hand, Hankook Tire has continuously supplied original accessory tires for high-end car brands around the world; on the other hand, UHPT's global sales growth and sales of RE (retail market) in the European market have increased. Overall sales continue to grow. Not only that, Hankook Tire's successful OE sales in the Chinese market has ensured a balanced growth in global sales.
It is worth mentioning that in the fourth quarter, UHPT sales accounted for 33.5% of total sales, an increase of 0.7% compared with the same period of last year. Moreover, UHPT sales accounted for 34.5% of total sales in 2016.
In 2017, Hankook Tire expects sales to reach 7.22 trillion won, while operating profit will also steadily increase to 1.10 trillion won, while the increasing proportion of UHPT tires and the share of high-end OE will still be the new one. The main task of the year.
As a high-end brand based on an innovative corporate culture, Hankook Tire will also promote business growth by continuing to innovate work methods, such as enhancing technical leadership through the Technodome R&D Center and adopting a new personnel system to enhance a positive corporate culture.
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