ID :
200873
Fri, 08/12/2011 - 12:45
Auther :
Shortlink :
http://m.oananews.org//node/200873
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Hyosung net rises 16.8 pct in Q2
SEOUL, Aug. 12 (Yonhap) -- Hyosung Corp., a South Korean maker of textiles, chemicals and heavy machinery, said Friday that its second-quarter earnings rose 16.8 percent on-year due mainly to reduced costs.
Net profit reached 127.7 billion won (US$118 million) in the April-June period, compared with 109.3 billion won a year earlier, the company said in a regulatory filing.
Sales dipped 2.6 percent to 2.6 trillion won in the three-month period, and operating profit came to 143.3 billion won, down 41.3 percent from a year earlier.
Hyosung said the bottom-line increase stemmed from the fact that Chinhung International Inc., one of its affiliates, had been placed under a workout program, helping it reduce costs.
Hyosung, however, said that greater competition in the heavy industry and spandex markets as well as the general drop-off in demand caused sales and operating profits to decline in the three-month period.
Shares of Hyosung, meanwhile, closed down 2.83 percent to 75,500 won on the Seoul bourse.
yonngong@yna.co.kr
Net profit reached 127.7 billion won (US$118 million) in the April-June period, compared with 109.3 billion won a year earlier, the company said in a regulatory filing.
Sales dipped 2.6 percent to 2.6 trillion won in the three-month period, and operating profit came to 143.3 billion won, down 41.3 percent from a year earlier.
Hyosung said the bottom-line increase stemmed from the fact that Chinhung International Inc., one of its affiliates, had been placed under a workout program, helping it reduce costs.
Hyosung, however, said that greater competition in the heavy industry and spandex markets as well as the general drop-off in demand caused sales and operating profits to decline in the three-month period.
Shares of Hyosung, meanwhile, closed down 2.83 percent to 75,500 won on the Seoul bourse.
yonngong@yna.co.kr
