Hyosung Chairman Cho Hyun-joon Leads Company’s Record-high Performance in Q3 With Advanced Materials

SEOUL, South Korea–(BUSINESS WIRE)–#ChairmanChoHyunJoon–Having produced a record-high performance in the first half of this year on the basis of Chairman Cho Hyun-joon’s preemptive investment, Hyosung Advanced Materials (KRX: 298050) is continuing on the favorable progress in the third quarter.

Hyosung Chairman Cho has been emphasizing the importance of “turning crisis into an opportunity during times of change by continuing on investment for the future.”

Hyosung Advanced Materials’ operating profit in the third quarter increased by 1077.98% from the same period last year (KRW 11.9 billion) to KRW 139.9 billion. The company’s sales also increased by 51.86% to KRW 967.1 billion. Compared to the record-high performance in the second quarter, Hyosung Advanced Materials’ sales and operating profit increased by 10.9% and 18.7% respectively, the highest progress the company has displayed so far.

For tire reinforcements, the company’s key business item, the selling price increased from the previous quarter as the demand for inventory replenishment continues in the upstream automotive industry, leading to an increase in the company’s sales and profitability.

As for carbon fiber, the demand increase has led to a rise in the selling price from the previous quarter, resulting in improvement of both sales and profitability. The industry forecasts that, in line with the hydrogen economy trend, sales and profitability will start increasing full-scale in the fourth quarter.

In addition, for aramid business, Hyosung Advanced Materials has been establishing infrastructure to stabilize its extended facilities and expand production volume in the third quarter, which is expected to have a positive impact on the company’s sales and operating profit increase upon commencement of mass production in the fourth quarter.

Contacts

Hyosung Corporation

Nari Kim

+82-2-707-7067

lesleykim@hyosung.com