Hyosung Corporation, a South Korean industrial conglomerate, has continued the trend of reporting record-breaking earnings. Hyosung said on July 26 that its earnings hit an all-time high in the 2nd quarter, breaking its previous record set in the 3rd quarter of last year.
The company’s regulatory filing showed that second-quarter sales reached 3.08 trillion won and its operating profit jumped 29.8 percent y-o-y to 331 billion won. According to the company, this is the first time its quarterly operating profit broke the 300 billion won mark and its half-year operating profit crossed the 500 billion threshold.
The company said, “Our textile and industrial materials business, such as spandex and tire cords, and our heavy industry and chemical businesses have continued their upward trajectory, thus boosting our quarterly earnings.”
By business segment, the textile business saw sales of spandex increasing amid growing demand. As Hyosung’s subsidiaries in Vietnam, China, Turkey and Brazil delivered sustainable profits, the textile business posted 515.8 billion won in sales and 92.5 billion won in operating profit for the second quarter.
The industrial materials business’s Q2 operating profit reached 73.6 billion, up from 33.5 billion won a year ago
The global automotive market has begun to rebound, therefore increasing demand for tire cords, seat belts, airbags and carpets for automotives.
Hyosung is the world’s No.1 polyester tire cord maker. It has made continued effortsfor product development and consistently improved its polyester tire cords. As a result, Hyosung takes up 45 percent of the global polyester tire cord market.
The heavy industry business’s operating profit improved quarter-on-quarter. It posted an operating profit of 84.2 billion won for the second quarter. The chemicals business’s operating profit climbed 36.9 percent y-o-y to 39.7 billion won in the second quarter.