Hyosung released its first-quarter earnings results and explained its business performance on May 2.
For the first quarter, Hyosung reported an operating profit of 40 billion won, up 76.2 percent from a year earlier. First-quarter sales rose 11.4 percent from a year ago to 1.29 trillion won. First-quarter net profit jumped 201.3 percent to 23.2 billion won. This trend is expected to continue during the second quarter as profitability rose on the back of higher sales of spandex yarns and an increase in average selling prices. In addition, Hyosung plans to strengthen its market position by adding facilities in Turkey and China. An improvement in earnings at a Chinese manufacturing unit for spandex yarns and other affiliates, including an automatic teller machine maker Nautilus Hyosung, also contributed to the healthy results during the first quarter. Gains from equity investment-related transactions jumped to 29.6 billion won for the first quarter, compared with 9.1 billion in the fourth quarter of last year and 5.1 billion won the quarter before.