SEOUL — In a remarkable quarter, Hankook Tire & Technology Co. reported a substantial increase in its fourth-quarter net profit, though it fell short of market forecasts.
According to Yonhap News Agency, the company's net profit for the fourth quarter soared to 177.3 billion won (US$134.1 million), a 358.9 percent increase from the same period a year earlier. Operating profit for the quarter also significantly increased to 492.4 billion won, up from 212 billion won a year ago. However, revenue experienced a slight decline of 1.4 percent, totaling 2.23 trillion won.
Despite these gains, the company's earnings did not meet the expectations set by analysts. A survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency, had projected an average net profit of 295.2 billion won for the quarter. This discrepancy highlights the challenges Hankook Tire & Technology faced in surpassing market predictions.