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Kumho Tire profit misses consensus by 73.3% in Q1

Kumho Tire Co. Inc. said its first-quarter normalized net income came to 60.31 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 226.08 won per share.

EPS fell 67.7% year over year from 186.86 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.53 billion won, a decline of 66.1% from 28.10 billion won in the year-earlier period.

The normalized profit margin declined to 1.3% from 3.3% in the year-earlier period.

Total revenue fell 12.2% year over year to 754.37 billion won from 859.17 billion won, and total operating expenses fell 8.2% from the prior-year period to 710.37 billion won from 773.79 billion won.

Reported net income fell 83.2% on an annual basis to 5.31 billion won, or 33.59 won per share, from 31.61 billion won, or 210.22 won per share.

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