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(LEAD) Hyosung's 2016 operating income tops 1 tln won in 2016

All News 17:08 February 02, 2017

(ATTN: CHANGES headline; UPDATES lead, paras 2-3 with updated info)

SEOUL, Feb. 2 (Yonhap) -- Hyosung Corp., a leading South Korean synthetic fiber manufacturer, said Thursday that its operating income topped 1 trillion won (US$864 million) in 2016, aided by strong sales of spandex and tire cord.

In a regulatory filing, Hyosung said it logged an operating income of 1.02 trillion won, compared with an operating income of 950 billion won a year earlier.

Net profit, however, fell 9.6 percent on-year to 475 billion won last year, and sales dipped 4.2 percent to 11.93 trillion won over the cited period.

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.

(LEAD) Hyosung's 2016 operating income tops 1 tln won in 2016 - 1


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