Breaking Record
Hyosung announced on April 25 that it posted 2.87 trillion won (US$2.54 billion) in sales and 232.3 billion won (US$205.48 million) in operating profit in the first quarter.
The sales figure increased 2.1 percent from 2.81 trillion won (US$2.49 billion) a year earlier, while its operating profit grew 4.5 percent from 222.3 billion won (US$196.64 million). In particular, its net profit amounted to 161.1 billion won (US$142.5 million) in the first quarter, up 27 percent from 126.9 billion won (US$112.25 million) a year ago. The operating profit figure also increased by 17.3 billion won (US$15.3 million) from the previous quarter.
The record-high performance was led by briskness in the fabric and industrial material sectors, expanded production of polypropylene (PP) and maximized management efficiency in the construction sector.
Hyosung made such achievement by strengthening its own technology and services to existing customers and securing new customers amid increasing global competition due to the rise in material prices, proving its global competitiveness once again.
In addition, the group significantly improved its financial structure. As Hyosung focused on reducing its debts with record-high profits last year, its consolidated debts declined by 198 billion won (US$175.53 million) compared to the end of 2016. Hyosung Corporation lowered its debt ratio from 159 percent at the end of 2015 to 123.3 percent.
The group is expected to improve its sales of spandex and tire cords in the second quarter because the items are globally competitive. It is also expected to continuously expand its sales performance with seasonal peak demand, operation of its PP plant and NF3 plant in the chemical sector, expansion of new orders in the heavy industry sector and steady cost reduction.