Korea & Company Reports Q2 Operating Profit of 102.7 Billion KRW, Up 71.6% Year-on-Year

Sales Amounts to 308.6 Billion KRW

[Asia Economy Reporter Kiho Sung] Hankook & Company, the business holding company of Hankook Tire & Technology (Hankook Tire), recorded an operating profit of 102.7 billion KRW in the second quarter on a consolidated basis, an increase of 71.6% compared to the same period last year.

According to related industries on the 17th, Hankook & Company disclosed this information yesterday. Sales increased by 33.7% to 308.6 billion KRW, and compared to the first quarter of this year, sales and operating profit increased by 14.4% and 133.2%, respectively.

Hankook & Company effectively managed the sales prices of products under the domestically distributed "AtlasBX" brand and the globally operated "Hankook" brand in the lead-acid battery business sector, but experienced poor performance due to rising lead prices, a major raw material, and increased maritime freight costs.

However, the operating profit of the holding company increased as the performance of its major affiliate, Hankook Tire, was reflected in Hankook & Company's results.

Hankook Tire recorded an operating profit of 175.3 billion KRW in the second quarter, a 6.3% decrease compared to the same period last year, due to rising maritime freight costs, the Russia-Ukraine conflict, lockdowns in major Chinese cities, and inflation impacts.

Hankook & Company was newly launched as a business holding company in April last year through a merger with Hankook AtlasBX. It sells lead-acid batteries in about 120 countries worldwide.

Hankook & Company plans to lead the discovery of new businesses to strengthen new growth engines along with continuously enhancing business competitiveness in the battery business sector.