Record figures from Hankook's Q1 report

Korean manufacturer, Hankook, is celebrating record sales for the first quarter of 2012, posting year-on-year growth of 17.1%, or US$1.442bn.

Despite the economic downturn and increased costs of raw materials, Hankook also posted an operating profit of just under US$200m, a growth of 21.5% on 2011. Braking this down by region, all of Hankook’s markets saw a growth of over 30%, with Europe’s figures climbing around 37%, giving Hankook its highest sales figures to date, since entering the market.

Hankook attributes its growth success to its brand values and positioning as a premium tire manufacturer, with the company citing its ultra-high performance (UHP) and OE tires as significant contributors. The latter is a significant point, with Hankook appointed as OE supplier for the BMW 1 and 3-Series, following its success with the Mini portfolio.

“Hankook Tire has witnessed a continued positive double-digit growth in our global sales during the first quarter. Despite continued global economic downturn, we have been able to set global sales growth and operating profit based on consistent tire quality improvement as well as brand equity enhancement,” said Mr. Seung-Hwa Suh, vice chairman & global CEO of Hankook Tire. “Building on this growth momentum, we will continue to strengthen our brand value and satisfy our customers as a leading global tire manufacturer through intensive marketing and communication activities.”

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