Hankook & Company Achieves Profitability in Fourth QuarterHankook Tire & Technology Posts Modest Profit Growth in 2023

SEOUL — In a striking turnaround, Hankook & Company Co. reported a profitable fourth quarter for 2023, contrasting sharply with its performance in the same period a year earlier.

According to Yonhap News Agency, the company secured a fourth-quarter net income of 23.9 billion won (US$18.1 million), moving from a loss of 51 billion won in the previous year's quarter. Operating profit for the quarter was significantly higher at 77.1 billion won, compared to 20.6 billion won a year ago, and sales saw a substantial increase of 39.7 percent, reaching 325.9 billion won.

This financial recovery in the fourth quarter highlights Hankook & Company's effective strategies and operational improvements, positioning the firm for a stronger market presence and future growth.

SEOUL — Hankook Tire & Technology Co. experienced a slight increase in its net profit for the year 2023, demonstrating resilience in its financial performance.

According to Yonhap News Agency, Hankook Tire & Technology reported a net profit of 715 billion won (US$540.6 million) for 2023, marking a 1.3 percent increase from the previous year. The filing further detailed an operating profit of 1.32 trillion won for the year, a significant rise from 705.8 billion won in the previous year. Additionally, the company's sales saw a 6.5 percent increase, reaching 8.93 trillion won.

This financial outcome indicates a steady growth trajectory for Hankook Tire & Technology, reflecting its ability to navigate market challenges and capitalize on opportunities for expansion.

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