Hankook Tire & Technology Q3 net income down 59.5% to $116.2 mil.
A Hankook Tire & Technology's tire designed specifically for electric vehicles / Korea Times photo by Lee Sang-moo
By Yonhap
Hankook Tire & Technology on Friday reported its third-quarter net income of 157.9 billion won ($116.2 million), down a sharp 59.5 percent from a year earlier.
The firm, one of the largest tire makers in the world, said in a regulatory filing that it posted 598.8 billion won in operating profit for the quarter, compared with 586 billion won a year ago. Revenue rose 1 percent to 5.46 trillion won.
The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 298.1 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.