Hankook Tire has revealed the company’s financial result for Q1 2020 with consolidated global sales of KRW 1.4358 trillion (approx. 1.0905 billion Euro) and an operating profit of KRW 105.9 billion (approx. 80.4 million Euro).
Hankook Reveals Q1 Financial Results
Hankook Tire‘s earnings declined due to a sharp drop in demand for tyres caused by the worldwide economic slowdown due to the COVID-19 pandemic and lower consumer sentiment. COVID-19 has had an overall impact on the major global markets, including a decrease in demand for original equipment tyres and replacement tyres, as well as the adjustment of the operating days of global production facilities.
Despite the aftermath of COVID-19, high-inch tyres equal to or above 18 inches accounted for 33.7% of the sales of tyres for passenger cars, which is an increase of 2.7% compared to the same period last year. This result was driven by Hankook‘s global top tier technologies and quality. The stable growth of high inch tyres over 18 inches in North America, South Korea and China has further consolidated its image.
