Hyosung net more than doubles in 2009

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By Nam Kwang-sik
SEOUL, Feb. 11 (Yonhap) -- Hyosung Corp., a South Korean maker of textiles and
heavy machinery, said Thursday its net income more than doubled last year from a
year ago, thanks to the brisk performance of the textile and heavy machinery
sectors.
Net profit stood at 339 billion won (US$293 million) in 2009, compared with 136.4
billion won a year ago, Hyosung said in a regulatory filing.
Sales rose 1.6 percent year-on-year to 7.4 trillion won in the period and
operating profit gained 29.7 percent to 532.4 billion won.
The share price of Hyosung was up 4.96 percent at 82,500 won at market close.
Analysts said that the company's earnings will further improve this year.
"Hyosung's TAC film and wind power businesses are expected to see tangible
results starting in the second quarter of this year," said Lee Jeong-heon,
Hanadaetoo Securities Co. in a report.
Tri-Acetyl Cellulose (TAC) film is used to protect parts of liquid crystal
display (LCD) panels.
Hyosung completed last year a plant with an annual production capacity of 50
million square meters of TAC in Ulsan, an industrial city about 400 kilometers
southeast of Seoul.
Early last month, the company signed a 45.6 billion won deal to provide wind
power facilities to India's Ghodawat Energy Ltd. by 2013.
Hyosung made a bid to take over Hynix Semiconductor Inc., but dropped it late
last year citing speculation that the deal was affected by political favor.
Hynix Semiconductor, the world's second-largest memory chipmaker, was put under
joint supervision by creditors in October 2001 and ended its debt restructuring
program in May 2005.
Hyosung is the flagship unit of Hyosung Group, with businesses ranging from
chemicals to heavy machinery.
ksnam@yna.co.kr
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