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Hankook Tire Q2 profit falls 17.9% YOY

Hankook Tire Co. Ltd. said its second-quarter normalized net income came to 981.13 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,102.08 won per share.

EPS fell 17.9% year over year from 1,194.61 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 121.52 billion won, a decrease of 17.9% from 147.99 billion won in the prior-year period.

The normalized profit margin declined to 7.5% from 8.9% in the year-earlier period.

Total revenue decreased on an annual basis to 1.620 trillion won from 1.661 trillion won, and total operating expenses came to 1.419 trillion won, compared with 1.410 trillion won in the prior-year period.

Reported net income declined on an annual basis to 154.27 billion won, or 1,245.62 won per share, from 158.20 billion won, or 1,277.02 won per share.

As of Aug. 17, US$1 was equivalent to 1,183.06 South Korean won.