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South Korea's Hyosung continues to record high-performance in Q3

Nov '21
Pic: Business Wire
Pic: Business Wire
Having produced a record-high performance in the first half of 2021 on the basis of chairman Cho Hyun-joon’s pre-emptive investment, South Korea’s Hyosung is continuing on its progress in the third quarter. Hyun-joon has been emphasizing the importance of turning crisis into an opportunity during times of change by continuing on investment for the future.

Hyosung’ operating profit in the third quarter increased by 1077.98 per cent from the same period last year (KRW 11.9 billion) to KRW 139.9 billion. The company’s sales also increased by 51.86 per cent to KRW 967.1 billion. Compared to the record-high performance in the second quarter, Hyosung Advanced Materials’ sales and operating profit increased by 10.9 per cent and 18.7 per cent respectively, the highest progress the company has displayed so far. For tire reinforcements, the company’s key business item, the selling price increased from the previous quarter as the demand for inventory replenishment continues in the upstream automotive industry, leading to an increase in the company’s sales and profitability, the company said in a media statement.

As for carbon fibre, the demand increase has led to a rise in the selling price from the previous quarter, resulting in improvement of both sales and profitability. The industry forecasts that, in line with the hydrogen economy trend, sales, and profitability will start increasing full-scale in the fourth quarter.

In addition, for aramid business, Hyosung has been establishing infrastructure to stabilise its extended facilities and expand production volume in the third quarter, which is expected to have a positive impact on the company’s sales and operating profit increase upon commencement of mass production in the fourth quarter.

Fibre2Fashion News Desk (GK)

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