Hankook Tire announced its global sales performance report for the fiscal year 2011. The company's annual sales amounted to 6.484 trillion won (approximately US$5.85 billion) and operating profit reached 566.3 billion won.
In 2011, global sales of Hankook Tire remained strong, with annual sales up 20.9% year-on-year, far exceeding the target set at the beginning of the year. However, due to the unfavorable factors such as the high prices of global raw materials, the company's profit growth has slowed down.
Hankook Tire's sales in Europe and North America grew by 41% and 34% year-on-year in 2011, with sales in China increasing by nearly 25%.
The demand for Hankook UHP (Ultra High Performance) tires has continued to expand and has played a crucial role in the rapid growth of sales of its high-end product lines. In addition, the steady expansion of the OE supporting market has also made significant contributions to the annual results.
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