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Hyosung forecast to have logged upbeat earnings in 2016

All News 08:37 February 02, 2017

SEOUL, Feb. 2 (Yonhap) -- Hyosung Corp., a leading South Korean synthetic fiber manufacturer, is expected to have an operating income of over 1 trillion won (US$864 million) in 2016, aided by strong sales of spandex and tire cord, industry sources said Thursday.

Hyosung, scheduled to report its 2016 earnings this week, logged an operating income of 801 billion won in the first nine months of last year. In 2015, the company posted an operating income of 950 billion won.

Hyosung, the world's No. 1 player in the global spandex and tire cord markets, has been expanding its output capacity in recent years to meet growing demand.

Spandex, a highly elastic textile, is known for enhancing comfort and activity in multifunctional and value-added clothing products, and used in various types of garments, such as leggings, sports apparel and belts.

Hyosung developed its own technology to produce spandex in 1992 and has maintained its leading status in the global spandex market since 2010.

Tire cord, made of nylon and other industrial fibers, is a basic material to reinforce tires.

Hyosung forecast to have logged upbeat earnings in 2016 - 1


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