The 50 year long textile rivals Hyosung and Kolon both are enjoying a new heyday. Their record-breaking performances are based on the textile business which has long been regarded as a fading industry.
According to industry sources on July 26, Hyosung is estimated to have posted an operating profit of 250 billion won for the second quarter of this year, the highest quarterly profit in its history. This year’s full-year operating profit is also likely to reach an all-time high of 863.3 billion won.
Kolon Industry, a flagship unit of Kolon Group, is also enjoying robust performance, with its first-quarter operating profit estimated at 69.4 billion won, the highest in two years. This year’s full-year operating profit is expected to reach 286.1 billion won, the highest since 2012 (293.9 billion won).
Kolon Group, founded in 1957 and Hyosung Group, established in 1966, have led Korea’s textile industry over the past 50 years. They successfully transformed themselves into hybrid material companies through relentless R&D efforts.
