Hankook Tire's profit fell 21%

Hankook Tire & Technology, the seventh largest tire manufacturer in the world, said its net profit dropped 21% in the quarter year-over-year as a result of losses on the dollar against the South Korea.

Net income for the third quarter of the year was KRW 142.22 billion won ($125 million), which contrasts with last year's level of KRW 180.89 billion in net income.

Hankook's operating income declined 25% to 224.6 billion won, but sales rose 2.8% to KRW 1.37 trillion.

From January to September, the tire maker's net profit fell 41% to KRW 235.27 billion. Operating profit for the first ten months of the year declined 6.1% to 400.76 billion won. Sales for the period decreased by 10% to KRW 4.69 trillion.

About 80% of Hankook Tire's revenue comes from overseas markets. The company has eight factories with a total capacity of 102 million tires: two in South Korea, one each in Hungary, the United States and Indonesia, and three in China.