Hyosung announced Friday its annual operating profit surpassed 1 trillion won mark in 2016 for the first time in the company’s history.

The company said in a regulatory filing that its annual sales inched down 4.2 percent on-year to reach 11.92 trillion won in 2016. 


Operating profit hit 1.02 trillion won in 2016, a 7 percent gain from a year earlier, the company said.

Net profit was down 9.6 percent on-year at 475 billion won.

The company, which leads the global spandex and tire cord markets, attributed the operating profit increase to sales gains in tire cords and car mats, higher profitability in polypropylene and improved earnings in machineries.

Spandex, a highly elastic textile, is used in various types of clothing goods such as leggings and sportswear. Tire cord is a basic material for enhancing tires.

By Kim Yoon-mi (yoonmi@heraldcorp.com)