By Oliver Hall
Hankook tyres have announced a huge 536.4% leap in operating profits for the third quarter.
The South Korea tyres manufacturer also posted a 26.4% increase in net sales over numbers achieved during the same period in 2008.
Hankook finished the quarter with 275 billion won in profit and sales of 1.44 trillion won.
In the US, Hankook’s replacement tyre sales jumped 18% over the second quarter 2009 level and were 21% ahead of sales numbers achieved during the same period in 2008, with ultra-high performance tyres leading the way.
Seung Hwa Suh, CEO and President of Hankook, said: “The majority of our growth this year in the US. has come from our replacement business.
“Replacement sales have shown significant increases over the last three quarters, illustrating the trend that consumers are focusing on high value products.”
He added: “Despite the economic climate, Hankook Tyre has continued to stand out with its record high performance.
“The tyre industry is extremely competitive; it is essential that we continue investing to ensure sustainable growth.
He emphasised that the company “remains positive about growth prospects for the future as we continue to increase brand preference and devote ourselves to providing consumers with value-added high-quality products and services.”