Hyosung Group's holding company Hyosung is showing strength in early trading on the 28th, supported by strong second-quarter earnings. This is thanks to its subsidiary, Hyosung Heavy Industries, which recorded the highest quarterly performance in its history.
As of 9:04 a.m. on this day, Hyosung is trading at 83,400 won, up 6,600 won (8.59%) compared to the previous trading day. Hyosung Heavy Industries is reporting 1,306,000 won, up 181,000 won (16.09%).
Hyosung noted that it recorded sales of 601.9 billion won in its second-quarter earnings announcement on the 25th. This is a 6.7% increase compared to the same period last year. During the same period, operating profit increased by 159.5% to 99.1 billion won, and net profit showed a significant increase of 492.7%.
This strong performance by Hyosung is thanks to the increase in performance at its subsidiary, Hyosung Heavy Industries. Hyosung Heavy Industries has benefited from the activation of exports of ultra-high voltage transformers due to increased demand for electrical equipment in the U.S. Currently, 41% of Hyosung Heavy Industries' order backlog consists of U.S. projects. In the second quarter, Hyosung Heavy Industries reported sales of 1.5253 trillion won and an operating profit of 164.3 billion won, representing increases of 27.77% and 162.15%, respectively, compared to the same period last year.