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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyosung succeeded in turning into a surplus on the back of improved performance of its subsidiaries.
According to the industry on the 31st, Hyosung's operating profit in the third quarter of this year was 44.3 billion won, turning into a surplus compared to the same period last year. During the same period, sales fell 7.3 percent to 805.1 billion won, while net profit turned to a surplus of 15.5 billion won.
Hyosung cited the improvement in the performance of some equity subsidiaries, including Hyosung Heavy Industries, as the factors that allowed the company to turn into a surplus. Hyosung Heavy Industries' strong performance continued and Hyosung Chemical also led the performance as sales increased due to the expansion of its plant operation rate in Vietnam.
Hyosung Heavy Industries' operating profit (94.6 billion won) increased 68.7% from the same period last year. In particular, the power PU sector contributed greatly to the increase in production and profitability of U.S. production corporations.
Hyosung Chemical's deficit was reduced to 2.8 billion won from 139.8 billion won last year. The deficit has improved due to the expansion of spread due to full operation of Vietnamese corporations and stabilization of raw material prices.
Hyosung T&C's operating profit also turned to a surplus of 50.6 billion won compared to the same period last year. In the spandex sector, operating profit fell slightly due to the temporary suspension of operations at production bases in China. The PTMG division operated normally in the third quarter as its plant in Vietnam was completed in the first half of the year, with operating profit rising slightly due to increased sales and production.
However, Hyosung Advanced Materials' operating profit was 35.7 billion won, down 46.0% from the same period last year. Tire reinforcements saw their sales decrease due to delayed rebound in global demand for tires for replacement.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
