Hyosung net more than doubles in 2009

By Nam Kwang-sik
SEOUL, Feb. 11 (Yonhap) -- Hyosung Corp., a South Korean maker of textiles and
heavy machinery, said Thursday that its net income more than doubled last year
from a year ago, thanks to brisk performances of the textile and heavy machinery
sectors.

Net profit stood at 339.6 billion won (US$293.5 million) in 2009, compared with
136.4 billion won a year ago, Hyosung said in a regulatory filing.
Sales 1.6 percent year-on-year to 7.4 trillion won in the period and operating
profit rose 29.7 percent to 532.4 billion won
The share price of Hyosung was up 4.96 percent at 82,500 won at the close of
Seoul trading.
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.
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 its bid
late last year, citing speculation that the deal was affected by the 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 the nation's Hyosung Group, with businesses
ranging from chemicals to heavy machinery.
ksnam@yna.co.kr
(END)

Delete & Prev | Delete & Next