Hankook Tire's operating profit in the third quarter was 598.8 billion won... Highest tire sales quarter (comprehensive)

Hankook Tire & Technology announced on the 6th that its consolidated operating profit in the third quarter of this year was provisionally calculated to be 598.8 billion won, a 2.2% increase over the same period last year.

Sales amounted to 5.465 trillion won, an increase of 1% compared to the same period last year. Net profit decreased by 59.5% to 157.9 billion won.

Tire division sales increased by 3.7% compared to the same period last year to KRW 2.8 trillion, reaching an all-time quarterly high with increased sales volume and exchange rate effects contributing to sales growth.

Operating profit in the tire division was recorded at 505.9 billion won, a 2.6% decrease compared to the same period last year. The cost burden increased due to increased raw material and logistics costs due to geopolitical instability in the Middle East, but this was partially offset by increased sales of high value-added products.

As of the third quarter, the proportion of high-inch tires 18 inches or larger among tire sales for passenger cars and light trucks was 49.4%, and the proportion of tires exclusively for electric vehicles among new vehicle tire sales for passenger cars and light trucks was 32.3%.

Following supplying tires for new cars to the Porsche 911 Carrera, Hankook Tire is diversifying the vehicle models it supplies to include the Porsche Panamera and Volkswagen Atlas, and is also continuing to target the electrification market with 'iON', the world's first full-line electric vehicle tire brand.

We will also expand our global production and supply base by expanding production facilities at our Tennessee plant in the US and our Hungary plant.

Hanon Systems' third quarter sales in the thermal management division included in the consolidated performance recorded KRW 2.6569 trillion, a 1.8% decrease from the same period last year, and operating profit increased 26.6% to KRW 120.6 billion.