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Hyosung Advanced Materials Reports Sharp Decline in 2023 Earnings

Operating profit plummets by 45%, with a 70% drop in net profit, reflecting a challenging fiscal year for the company
South Korea
h 298050.KO Mid and Small Cap 2000
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Hyosung Advanced Materials, a key player in the materials industry, experienced a significant downturn in its financial performance last year. The company’s operating profit saw a steep decline of 45%, amounting to 172.4 billion won ($129 million), compared to the previous year. This downturn was mirrored in both revenue and net profit figures, with revenue dropping by 17% to 3.20 trillion won and net profit plummeting by 70%, closing at 47.3 billion won.

The final quarter of the year highlighted the extent of the company’s financial challenges. The operating profit for the fourth quarter stood at 20.8 billion won, a 58% decrease from the same period in the previous year. Moreover, this figure fell significantly short of market expectations, being 49% lower than the average forecast of 41 billion won.

Revenue and net loss for the same quarter also reflected this downward trend. Revenue was reported at 768.2 billion won, and the company incurred a net loss of 9.4 billion won.

These results indicate a tough year for Hyosung Advanced Materials, underscoring the challenges faced by the company in a dynamic and competitive global market. The figures suggest a need for strategic reassessment and potential restructuring to navigate the complex market conditions moving forward.

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