Hyosung announced on the 24th that it recorded sales of 530.2 billion won and operating profit of 94.6 billion won in the first quarter of this year on a consolidated basis. Sales decreased by 4.3% compared to the same period last year, but operating profit increased by 15.6%.
Hyosung said, “Operating profit increased due to increased equity method gains and losses due to improved performance centered on Hyosung TNC and Hyosung Heavy Industries, and improved profitability at Hyosung T&S.”
By affiliate, Hyosung Heavy Industries’ first quarter sales were KRW 1.3582 trillion and operating profit was KRW 152.3 billion, up 26.2% and 48.7%, respectively, compared to the same period last year.
Hyosung Heavy Industries explained, “Solid performance growth continued due to strong demand for global power infrastructure due to the spread of AI data centers,” and “as sales recognition of high-profit volumes begins in earnest in the future, the trend of profit improvement is expected to accelerate further.”
The construction sector also improved its performance by strengthening risk management, including minimizing one-off costs. During the same period, Hyosung TNC achieved sales and operating profit of KRW 2.0942 trillion and operating profit of KRW 86.2 billion, up 7.2% and 11.4%, respectively, from the same period last year.
The increase in the global selling price and sales volume of spandex in the textile sector and the development of new supply lines in the trade sector had an impact. In addition, profitability also improved due to increased sales of other special gases and decreased manufacturing costs.
Hyosung Chemical, whose performance had slowed due to the industry recession, succeeded in turning a profit with an operating profit of 300 million won in the first quarter. Sales recorded 587 billion won, a 2.5% increase compared to the same period last year.
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