Seoul: HS Hyosung Advanced on Thursday reported its second-quarter net profit of 45.2 billion won (US$31.4 million), marking an increase of 3,051.5 percent from the previous year.

According to Yonhap News Agency, the company's operating income for the April-June period reached 77.6 billion won, reflecting a 32.1 percent rise compared to the same period last year. HS Hyosung Advanced, a subsidiary of the Hyosung Group, is known for its production of high-grade tire chords and carbon materials. The company also reported a 13 percent increase in sales, amounting to 952.7 billion won.