Hyosung's Operating Profit Reaches 244.7 Billion KRW Last Year, Up 58% Year-on-Year

[Asia Economy Reporter Park So-yeon] Hyosung announced on the 31st that its operating profit on a consolidated basis last year was 244.7 billion KRW, an increase of 57.9% compared to the previous year.

Sales increased by 12.62% year-on-year to 3.3813 trillion KRW.

Last year's fourth-quarter results showed sales of 915.9 billion KRW and operating profit of 73.6 billion KRW, up 7.1% and 19.7% respectively compared to the same period last year.

Hyosung stated that as of June 1, 2018, it underwent a spin-off into a holding company, Hyosung, and four business companies (Hyosung TNC, Hyosung Heavy Industries, Hyosung Chemical, Hyosung Advanced Materials), and accordingly, the cumulative results for the previous year were prepared based on the post-spin-off basis.

Hyosung explained that the profitability of its consolidated subsidiaries improved, including Hyosung TNS, an ATM (Automated Teller Machine) manufacturer, which achieved record-high performance due to expanded global market penetration.

Hyosung TNC reported annual sales of 5.9831 trillion KRW and operating profit of 322.9 billion KRW last year.

Hyosung TNC's fourth-quarter results were sales of 1.4706 trillion KRW and operating profit of 83.6 billion KRW, increases of 6.0% and 102.1% respectively compared to the same period last year.

This was analyzed to be due to expanded profits from increased sales volume of overseas subsidiaries, including the India plant, which began full-scale operation in September last year in the spandex sector, the global number one product.

Hyosung Heavy Industries recorded annual sales of 3.7814 trillion KRW and operating profit of 130.3 billion KRW last year. For the fourth quarter, sales were 1.006 trillion KRW and operating profit was 28.9 billion KRW, a 6% decrease and a 911.9% increase respectively compared to the same period last year.

The power division was somewhat sluggish due to market deterioration caused by the imposition of anti-dumping tariffs following the strengthening of protectionism in the United States and fires in energy storage systems (ESS), but the construction division was analyzed to have expanded profitability.

Hyosung Chemical recorded sales of 1.8125 trillion KRW and operating profit of 153.9 billion KRW last year. In the fourth quarter, sales were 417.1 billion KRW and operating profit was 24.3 billion KRW, with sales decreasing by 14.7% but operating profit increasing by 48.1% compared to the same period last year.

This content was produced with the assistance of AI translation services.