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(LEAD) Hankook Tire Q2 net up 0.4 pct

All News 16:04 August 02, 2018

(ATTN: RECASTS lead; ADDS details in last 4 paras)

SEOUL, Aug. 2 (Yonhap) -- Hankook Tire Manufacturing Co., South Korea's biggest tiremaker, said Thursday its second-quarter net profit edged up 0.4 percent from the previous year following increased shipments to major markets.

Net profit came to 180.6 billion won, compared to 179 billion won tallied for the same three month period last year, the company said through its regulatory filing.

Operating profit, on the other hand, moved down 10.4 percent to stand at 183.2 billion won in the April-June period, compared to 204.6 billion won posted last year.

Sales moved up 2.3 percent to 1.7 trillion won from 1.6 trillion won posted in the second quarter of 2017.

Hankook Tire said its shipment of premium products to Europe and China rose on-year, with demand also increasing at home.

Operating profit, however, decreased compared to the year before following increased expenditures on its new U.S.-based production line.

The company said its performance for the second half of 2018 is anticipated to improve on stabilized production by the U.S. plant.

Shares of Hankook Tire closed at 43,900 won on Thursday, down 2.77 percent from the previous session. The second-quarter report was announced during market hours.

(LEAD) Hankook Tire Q2 net up 0.4 pct - 1


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