Hankook Tire’s 2014 revenue skids 5.5 percent to $6 billion

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Hankook Tire’s 2014 revenue skids 5.5 percent to $6 billion

Hankook Tire, Korea’s largest tire maker, said on Friday its revenue for 2014 dropped 5.5 percent year-on-year to 6.67 trillion won ($6 billion).

The company said its operating profit in 2014 was only 100 million won higher than the 1.03 trillion won it posted in 2013. The company said its operating profit ratio went down 0.8 percentage point year-on-year to 15.4 percent.

The company said its revenue dropped because of the global economic slump and currency situation, adding that bright spots last year were sales of ultra high-performance tires (UHPTs) and stable demand from premium auto brands. Hankook said sales of UHPTs, which are 30 percent of global sales, grew 6.8 percent year-on-year.

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