LS Electric, 4Q Operating Profit Down 24% YoY Due to "Decline in Overseas Sales and Exchange Rate Impact"

[Asia Economy Reporter Suyeon Woo] LS Electric announced on the 28th that its sales in the fourth quarter of last year were 610.2 billion KRW, and operating profit was 32.6 billion KRW, down 12% and 24% respectively compared to the previous year.

For the entire last year, sales increased by 2.4% to 2.4026 trillion KRW, but operating profit sharply declined by more than 20% to 133.7 billion KRW compared to the previous year.

LS Electric explained that the fourth quarter performance was affected by a simultaneous decline in overseas sales, including Southeast Asia, and exchange rate impacts, resulting in decreased profitability. However, the power infrastructure and renewable energy sectors, which recorded operating losses until the third quarter, turned profitable from the fourth quarter, which is expected to contribute to future performance improvement.

The renewable energy sector recorded an operating loss of 2.2 billion KRW in the third quarter but turned to an operating profit of 1.3 billion KRW from the fourth quarter. The power infrastructure sector also shifted from an operating loss of 7.9 billion KRW in the third quarter to an operating profit of 2.0 billion KRW in the fourth quarter.