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Nexen Tire profit misses consensus by 41.1% in Q1

Nexen Tire Corp. said its first-quarter normalized net income came to 215.50 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 365.71 won per share.

EPS decreased 20.9% year over year from 272.60 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.45 billion won, a decline of 25.0% from 27.25 billion won in the year-earlier period.

The normalized profit margin declined to 4.6% from 6.0% in the year-earlier period.

Total revenue decreased year over year to 443.88 billion won from 452.86 billion won, and total operating expenses decreased year over year to 392.56 billion won from 399.04 billion won.

Reported net income fell 19.0% from the prior-year period to 20.53 billion won, or 216.33 won per share, from 25.34 billion won, or 253.49 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.