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Hanon Systems profit misses consensus by 32.3% in Q2

Hanon Systems said its normalized net income for the second quarter amounted to 102.92 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 152.06 won per share.

EPS decreased 20.7% year over year from 129.84 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 54.94 billion won, a decline of 20.7% from 69.29 billion won in the prior-year period.

The normalized profit margin declined to 3.9% from 5.0% in the year-earlier period.

Total revenue totaled 1.393 trillion won, compared with 1.391 trillion won in the prior-year period, and total operating expenses increased year over year to 1.308 trillion won from 1.282 trillion won.

Reported net income declined 29.4% from the prior-year period to 61.50 billion won, or 115.22 won per share, from 87.09 billion won, or 163.20 won per share.

As of Aug. 18, US$1 was equivalent to 1,185.50 South Korean won.