HS Hyosung Group holding company HS Hyosung posted operating profit in the second quarter that rose more than 300% from a year earlier. The result was driven by improved earnings at key affiliate HS Hyosung Advanced Materials.
HS Hyosung said on the 30th that second-quarter sales on a consolidation basis were 430.9 billion won, up 24.9% from the second quarter of last year.
Operating profit for the same period was 35.8 billion won, up 301.7%. Net profit came to 27.1 billion won, up 360.6%.
Core subsidiary HS Hyosung Advanced Materials led the holding company's earnings improvement.
HS Hyosung Advanced Materials' second-quarter sales were 952.7 billion won, up 13.0% from the second quarter of last year. Operating profit for the same period was 77.6 billion won, up 32.2%.
HS Hyosung Advanced Materials said the tire reinforcement materials sector posted sales of 549.3 billion won, the highest since 2022. The effect of list price increases reflecting entry into the peak season and higher materials and supplies prices was reflected. Operating profit in the tire reinforcement materials sector came to 59.4 billion won.
HS Hyosung Advanced Materials' industrial yarn and interior sector sales were 183.3 billion won, and spandex and film sector sales were 135.4 billion won. Carbon fiber and aramid sector sales came to 84.7 billion won.