Seoul: Hankook Tire and Technology Co. on Thursday announced a significant drop in its second-quarter net profit, which fell 44.7 percent to 178.8 billion won (US$129.2 million) compared to the same period last year. This decline was revealed in the company's latest financial disclosures.
According to Yonhap News Agency, the company indicated in a regulatory filing that its operating profit for the second quarter stood at 353.6 billion won, a decrease from 420 billion won recorded a year earlier. Despite the decline in profits, Hankook Tire and Technology experienced a substantial increase in revenue, which surged by 131.7 percent, reaching 5.36 trillion won.