Hankook Tire net falls 12% in 2020 on foreign exchange losses

Hankook Tire announced on Feb. 5 the company’s 2020 financial results with consolidated global sales of 6.454 trillion won and an operating profit of 628 billion won.

In the midst of global economic slowdown due to the COVID-19 pandemic, Hankook Tire sustained qualitative growth as operating profit increased 9.7 percent year on year despite a marginal decline in sales revenue compared to the previous year. In particular, high-inch tires — 18 inches or higher — drove the growth as they accounted for around 35 percent of the total sales of passenger car tires, up 3 percentage points YoY. Another key contributor was replacement tires that are profitable in regions such as Europe and North America. Stabilization of raw material costs has also contributed to higher operating profit.

Source: Business Korea