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Kumho Tire profit misses consensus by 58.1% in Q2

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Kumho Tire profit misses consensus by 58.1% in Q2

Kumho Tire Co. Inc. said its normalized net income for the second quarter amounted to 112.77 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 269.02 won per share.

EPS decreased 57.3% year over year from 264.30 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.82 billion won, a decrease of 56.0% from 40.46 billion won in the year-earlier period.

The normalized profit margin fell to 2.3% from 4.5% in the year-earlier period.

Total revenue fell 12.4% year over year to 784.51 billion won from 895.51 billion won, and total operating expenses fell 6.8% year over year to 729.24 billion won from 782.32 billion won.

Reported net income declined 74.6% year over year to 12.78 billion won, or 80.90 won per share, from 50.28 billion won, or 328.39 won per share.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.