Seoul:Hankook Tire & Technology Co. has announced a substantial decrease in its third-quarter net income, recording a figure of 157.9 billion won (approximately US$116.2 million), which represents a 59.5 percent decline from the previous year.
According to Yonhap News Agency, the company, recognized as one of the largest tire manufacturers globally, revealed in a regulatory filing that its operating profit for the quarter reached 598.8 billion won, slightly up from 586 billion won a year earlier. Additionally, revenue saw a modest increase of 1 percent, totaling 5.46 trillion won.
The company's earnings results fell short of market expectations. Analysts, as surveyed by Yonhap Infomax, had projected an average net profit estimate of 298.1 billion won for the period.