Hyosung Corporation (004800.KS) reported first-quarter revenue of 530.2 billion won and operating profit of 94.6 billion won ($70 million) on a consolidated basis. Revenue fell 4.3% from a year earlier, while operating profit rose 15.6%.
"Operating profit increased due to higher equity method gains stemming from earnings improvements centered on Hyosung TNC (298020.KS) and Hyosung Heavy Industries (298040.KS), along with improved profitability at Hyosung TNS," the company said.
By affiliate, Hyosung Heavy Industries posted first-quarter revenue of 1.36 trillion won and operating profit of 152.3 billion won ($113 million), surging 26.2% and 48.7% respectively from the same period last year.
"Solid earnings growth continued on the back of robust global power infrastructure demand driven by the expansion of AI data centers," Hyosung Heavy Industries said. "The profit improvement trend is expected to accelerate further as revenue recognition of high-margin orders gains full momentum."
The construction division also improved its performance through enhanced risk management, including minimizing one-off costs.
Hyosung TNC recorded first-quarter revenue of 2.09 trillion won and operating profit of 86.2 billion won ($64 million). Revenue and operating profit rose 7.2% and 11.4% respectively from a year earlier.
The gains were driven by higher global selling prices and sales volumes of spandex in the textile division, as well as the development of new supply channels in the trade division. Profitability also improved thanks to higher sales volumes of other specialty gases and lower manufacturing costs.
Hyosung Chemical posted first-quarter revenue of 587 billion won and operating profit of 277 million won. Revenue rose 2.5% from a year earlier, while operating profit swung to the black.
