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Kumho Tire swings to loss in Q3

Kumho Tire Co. Inc. said its normalized net income for the third quarter came to a loss of 204.27 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 187.70 won per share.

The per-share result swung to a loss from the prior-year profit of 182.61 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 32.27 billion won, compared with income of 27.45 billion won in the year-earlier period.

The normalized profit margin declined to negative 4.5% from 3.2% in the year-earlier period.

Total revenue fell 15.2% on an annual basis to 717.29 billion won from 845.77 billion won, and total operating expenses declined 5.7% year over year to 723.33 billion won from 767.10 billion won.

Reported net income totaled a loss of 54.98 billion won, or a loss of 347.98 won per share, compared to income of 32.77 billion won, or 218.00 won per share, in the year-earlier period.

As of Nov. 16, US$1 was equivalent to 1,172.80 South Korean won.