Hankook Tire has posted second-quarter operating profit down 37% to US$57.4m.
“Despite the global economic downturn caused by the COVID-19 pandemic, Hankook again reported an operating profit after the first quarter, strengthening its position in the global market for premium tyres,” said a Hankook statement.
“Sales of high inch tyres equal to or above 18 inches accounted for 32.6% of the sales of tyres for passenger cars, which is an increase of 1.1 % compared to the same period last year. Growth in sales of these high inch tyres in key markets such as South Korea and China remained steady. Hankook continues to expand its standing in the electric vehicles sector.
“The company is also laying down the building blocks for overcoming the COVID-19 crisis by joining forces throughout the company.
“To this end, the trade unions have delegated all responsibilities for wage adjustments to the company and since May, the top managers have been voluntarily repaying 20% of their salaries until the normalisation of operations.”