SEOUL – Hyosung Advanced Materials Corp. announced on Friday a significant rise in its second-quarter net profit, recording a total of 26.2 billion won (US$18.9 million), which marks an 88.7 percent increase from the previous year.
According to Yonhap News Agency, Hyosung Advanced Materials saw its operating profit for the quarter rise to 65.8 billion won from 48.6 billion won a year earlier, while revenue increased by 3 percent to 840.5 billion won. Despite these gains, the results fell short of market expectations, with analysts having projected a net profit of 32 billion won, as reported by Yonhap Infomax.