Hyosung Group Chairman Cho Hyun-joon Accelerates Growth Strategy in ‘High-tech Materials, Chemicals’
- #ChoHyunJoon--Hyosung
Group (KRX:004800) reported its second-quarter sales last month when
Chairman Cho Hyun-joon was appointed as chief executive. Its revenue
increased 0.8 percent from the same quarter of last year. As Cho has
pursued a strategy to accelerate growth since taking office as CEO, its
annual operating profit is expected to top KRW 1 trillion for the second
straight year.
Hyosung is implementing a strategy to sustain an upswing of its business in the second half of this year by improving the profitability of its polypropylene and NF3 business, increasing its tire cord sales, raising the performance of Power & Industrial Systems PG and maximizing the management efficiency of Construction PU.
In chemical area, Hyosung plans to begin the commercial operation of its new PP production facility in the third quarter. The total PP production capacity will increase from 560,000 tons to 700,000 tons. The additional facility has the capacity of rolling out 140,000 tons a year. PP sales are predicted to increase in the third quarter.
Chairman Cho seeks to boost the improving performance of Hyosung Vietnam Co. by increasing its factory output of Spandex from 70,000 tons to 80,000 tons and at the same time extending its product line to chemical area.
For industrial materials, the third-quarter operating profit is forecast to jump 30.2 percent from the previous quarter, driven by rise in both the selling price of tire cord, which is a flagship product, and the capacity utilization ratio. In Power & Industrial Systems PG, the second-quarter operating profit fell 67 percent year-on-year due to sales carry-over of highly profitable products, but sales are expected to pick up again in the third quarter.
Hyosung recorded KRW 1.0163 trillion in operating profit last year. It was the first time in its 50-year history to earn more than KRW 1 trillion a year. Its operating profit rose to KRW 232.3 billion in the first quarter when Cho Hyun-joon took office as chairman of the group. It was an all-time high performance for a first quarter, and has brought the group closer to the goal of earning KRW 1 trillion for the second consecutive year.
ContactsHyosung
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CHANG-SEOK HAN, +82-2-707-7388
[email protected]
- Chairman Cho to spur growth strategy
-
Earnings expected to top KRW 1 trillion two years in a row, driven by
strong sales of high-tech materials and chemicals in second half of
this year - Items produced in Vietnam to be diversified into chemical area
SEOUL, South Korea–(BUSINESS WIRE)–#ChoHyunJoon—Hyosung
Group (KRX:004800) reported its second-quarter sales last month when
Chairman Cho Hyun-joon was appointed as chief executive. Its revenue
increased 0.8 percent from the same quarter of last year. As Cho has
pursued a strategy to accelerate growth since taking office as CEO, its
annual operating profit is expected to top KRW 1 trillion for the second
straight year.
Hyosung is implementing a strategy to sustain an upswing of its business
in the second half of this year by improving the profitability of its
polypropylene and NF3 business, increasing its tire cord sales, raising
the performance of Power & Industrial Systems PG and maximizing the
management efficiency of Construction PU.
In chemical area, Hyosung
plans to begin the commercial operation of its new PP production
facility in the third quarter. The total PP production capacity will
increase from 560,000 tons to 700,000 tons. The additional facility has
the capacity of rolling out 140,000 tons a year. PP sales are predicted
to increase in the third quarter.
Chairman Cho seeks to boost the improving performance of Hyosung Vietnam
Co. by increasing its factory output of Spandex from 70,000 tons to
80,000 tons and at the same time extending its product line to chemical
area.
For industrial materials, the third-quarter operating profit is forecast
to jump 30.2 percent from the previous quarter, driven by rise in both
the selling price of tire cord, which is a flagship product, and the
capacity utilization ratio. In Power & Industrial Systems PG, the
second-quarter operating profit fell 67 percent year-on-year due to
sales carry-over of highly profitable products, but sales are expected
to pick up again in the third quarter.
Hyosung
recorded KRW 1.0163 trillion in operating profit last year. It was the
first time in its 50-year history to earn more than KRW 1 trillion a
year. Its operating profit rose to KRW 232.3 billion in the first
quarter when Cho Hyun-joon took office as chairman of the group. It was
an all-time high performance for a first quarter, and has brought the
group closer to the goal of earning KRW 1 trillion for the second
consecutive year.
Contacts
Hyosung
CHANG-SEOK HAN, +82-2-707-7388
[email protected]
