Hankook Tyre Announces Financial Result For First Quarter Of 2020

Published On 2020-05-08 13:07:29By TyreDekho Team 446 views

Hankook Tyre reports that sales have declined due to the worldwide economic downturn and slowing consumer sentiment caused by the spread of COVID-19

Hankook THankook Tyre Announces Financial Result For First Quarter Of 2020ire CEO Indicted On Bribery Charge, Fraud

Premium tyre maker Hankook has announced 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 Tyre’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 premium brand image, said Hankook in a release.

Tyre maker further added that it plans to further solidify its standing as a premium brand by expanding sales of high-inch tyres (over 18 inches) in major markets, supplying OE tyres for premium cars and strengthening product competitiveness.

You Might Also Be Interested In

Latest Tyres

  • Car
  • Bike
  • Dunlop AT 20 Grand Trek
    Dunlop AT 20 Grand Trek
    265/65 R17 110STubeless
    Rs14699
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • Firestone FR500
    Firestone FR500
    185/65 R14 86HTubeless
    Rs3491
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • UltraMile UM 551
    UltraMile UM 551
    165/80 R14 85TTubeless
    Rs3505
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • Bridgestone B290
    Bridgestone B290
    155/65 R12 77TTube
    Rs2985
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • CEAT CZAR A/T
    CEAT CZAR A/T
    265/65 R17 12STubeless
    Rs10380
    • iconDry Grip
    • iconWet Grip
    • iconHandling
    Contact Dealer
  • Apollo Amazer 3G
    Apollo Amazer 3G
    145/70 R12 69TNA
    Rs2800
    • iconFuel efficient
    • iconDry Grip
    Contact Dealer
  • Pirelli P7
    Pirelli P7
    225/50 R17 94WNA
    Rs10505
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • Birla BT 444
    Birla BT 444
    5.65 R12 6PRTube
    Rs2000
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer

Best Tyres

  • Car
  • Bike
  • CEAT SecuraDrive
    CEAT SecuraDrive
    Tubeless
    Rs4445
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • MRF ZLX
    MRF ZLX
    Tubeless
    Rs2495
    • iconWet Grip
    • iconDry Grip
    Contact Dealer
  • JK Vectra
    JK Vectra
    Tubeless
    Rs2400
    • iconWet Grip
    • iconDry Grip
    • iconHandling
    • iconLow noise
    Contact Dealer
  • JK Taximax
    JK Taximax
    Tubeless
    Rs2800
    • iconFuel Efficient
    • iconWet Grip
    Contact Dealer
  • MRF ZVTV
    MRF ZVTV
    Tubeless
    Rs7325
    • iconWet Grip
    • iconDry Grip
    Contact Dealer
×
Which is your city ?