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Nexen Tire Q2 profit climbs 10.5% YOY

Nexen Tire Corp. said its normalized net income for the second quarter was 350.61 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 320.32 won per share.

EPS increased 17.6% year over year from 298.12 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 33.28 billion won, a gain of 10.5% from 30.10 billion won in the year-earlier period.

The normalized profit margin climbed to 7.1% from 7.0% in the year-earlier period.

Total revenue grew 7.9% on an annual basis to 467.14 billion won from 433.08 billion won, and total operating expenses rose 7.1% from the prior-year period to 411.48 billion won from 384.31 billion won.

Reported net income grew 11.1% on an annual basis to 39.52 billion won, or 416.36 won per share, from 35.56 billion won, or 352.18 won per share.

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