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(LEAD) Hankook Tire Q2 net dips on currency, equity losses

All News 16:21 August 03, 2020

(ATTN: REWRITES throughout)

SEOUL, Aug. 3 (Yonhap) -- Hankook Tire & Technology Co. on Monday said that its second-quarter net profit slumped 98 percent from a year earlier on foreign exchange and equity losses.

Net profit for the three months ending in June plunged to 2.32 billion won from 95.14 billion won in the year-ago period, the company said in a statement.

"The quarterly bottom line was affected by losses from equity ties with auto parts affiliate Hanon Systems and losses driven by the won's weakness against the dollar," a company spokesman said.

(LEAD) Hankook Tire Q2 net dips on currency, equity losses - 1

Operating profit fell 34 percent to 70.19 billion won in the second quarter from 105.72 billion won a year ago. Sales declined 21 percent to 1.37 trillion won from 1.74 trillion won over the cited period.

From January to June, net profit dropped 54 percent to 99.98 billion won from 218.37 billion won in the year-ago period.

Operating profit fell 29 percent to 176.19 billion won in the first half from 246.33 billion won a year earlier. Sales were down 17 percent to 2.8 trillion won from 3.38 trillion won.

Hankook Tire earns over 80 percent of its total revenue from abroad. It has eight plants -- two in South Korea, one in Hungary, one in the United States, three in China and one in Indonesia -- whose combined capacity reaches 102 million tires.


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