Hankook Tire & Technology improved its profitability, with both revenue and operating profit in the third quarter of this year increasing compared to the same period last year.
Through a public disclosure on Friday, Hankook Tire said that it recorded consolidated revenue of 5.465 trillion won and an operating profit of 598.8 billion won for the third quarter. These figures represent increases of 0.97% and 2.2%, respectively, compared to the same period last year.
Compared to the previous quarter, revenue decreased by 3.83%, but operating profit increased by 7.11%. Profitability improved as operating profit rose despite the decline in revenue.
The third-quarter operating profit margin was approximately 11.0%, up 0.2 percentage points from the same period last year (10.8%). It was also about 1.1 percentage points higher than the previous quarter (9.8%).
However, net income decreased. The third-quarter net income for the current period was 157.9 billion won, a 59.5% decrease from the same period last year. Profit from continuing operations before income tax expense also fell by 58.6% over the same period to 227.8 billion won.
Cumulative revenue for the first three quarters to September stood at 16.4615 trillion won, a 4.5% increase compared to the same period last year. Cumulative operating profit rose by 28.6% to 1.6649 trillion won.
The cumulative operating profit margin was approximately 10.1%, up 1.9 percentage points from the same period last year (8.2%). As the growth rate of cumulative operating profit significantly exceeded the revenue growth rate, the trend of improving annual profitability continued.
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