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Hanon Systems profit misses consensus by 44.0% in Q1

Hanon Systems said its normalized net income for the first quarter was 89.10 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 159.21 won per share.

EPS decreased 17.1% year over year from 107.50 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 47.56 billion won, a decline of 17.1% from 57.41 billion won in the prior-year period.

The normalized profit margin fell to 3.5% from 4.2% in the year-earlier period.

Total revenue totaled 1.375 trillion won, compared with 1.373 trillion won in the prior-year period, and total operating expenses rose year over year to 1.295 trillion won from 1.280 trillion won.

Reported net income decreased 20.7% year over year to 57.08 billion won, or 106.93 won per share, from 71.99 billion won, or 134.81 won per share.

As of May 14, US$1 was equivalent to 1,090.69 South Korean won.