South Korean firm Hyosung's net income down 85.7% in Q2

Hyosung TNC Corp., a South Korea-based comprehensive fibre manufacturer, has reported a net income of 42.9 billion won in the second quarter (Q2) of fiscal 2022 (FY22), down by 85.7 per cent from a year earlier. The company’s sales increased 19.7 per cent to 2.56 trillion won in the second quarter of fiscal 2022.

In the textiles division, Creora profits fell due to higher downtime at customers amid COVID-19 lockdown in China, further hit by one-off charges.

The division witnessed a steadily strong price of major raw materials in the second quarter of fiscal 2022. PET/NY remained in the red mainly on strong raw material cost, the company said in a release.