[Special Stock] Hyosung TNC Drops 7% Intraday on Weak Q2 Earnings
[Asia Economy Reporter Minji Lee] Hyosung TNC is experiencing a drop of more than 7% during trading hours. This is due to an earnings shock in the second quarter.
At 10:12 AM on the 1st, Hyosung TNC was trading at 318,000 KRW, down 7.69% compared to the previous trading day.
Last Friday, Hyosung TNC announced that its consolidated operating profit for the second quarter was 87.849 billion KRW, a 77% decrease compared to the same period last year. This figure is significantly below the market expectation of 172.2 billion KRW. Net profit also fell 85% to 42.863 billion KRW. The spandex and PTMG segments performed much worse than expected, leading to a significant decline in earnings. The operating profit of the related business divisions was 58.6 billion KRW, down 64% compared to the first quarter.
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Jinmyung Lee, a researcher at Shinhan Financial Investment, analyzed, “This year, the global spandex supply and demand has worsened compared to last year, making profit decline inevitable. The decrease in sales volume due to the China lockdown and the worsening spandex market conditions are the reasons for the poor performance.”
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