Hankook Tire Co., South Korea’s top tire maker, said Tuesday that its third-quarter operating profit dipped 12.4 percent due to slow growth in China’s auto market.
Consolidated operating profit came to 241.7 billion won ($213.2 million) in the July-September period, compared with 276 billion won a year earlier, the company said in a regulatory filing. The manufacturer did not provide net profit figures.
Sales, however, edged up 0.6 percent on-year to 1.73 trillion won, it noted.
Hankook Tire said its third-quarter revenue was bolstered by brisk sales in the United States and rising demand for tires for the winter season, but a poor performance in China ultimately led to the fall in its operating income.
Pointing to signs of recovery in North America and Europe, the world’s No. 7 tire company said it expects its premium tire business to prop up its performance down the road.
Shares of Hankook Tire closed up 6.8 percent at 47,150 won on the Seoul bourse on Tuesday, far outperforming the key stock index’s 0.65 percent gain. (Yonhap)
