[Asia Economy Reporter Suyeon Woo] LS Cable Asia announced on the 9th that its provisional sales for the first quarter of this year reached 163.2 billion KRW, with an operating profit of 6 billion KRW. Compared to the previous quarter, sales remained at a similar level, but operating profit increased by 91%.
It is analyzed that the main reason is the recovery of profitability in the key business sector of distribution (medium and low voltage cables) to pre-COVID-19 levels, as large-scale power projects delayed by COVID-19 have resumed in earnest.
An LS Cable Asia official said, "Vietnam continues to attract companies amid the US-China trade dispute, and with the signing of the EVFTA (EU-Vietnam Free Trade Agreement) last year, investments from global companies are accelerating, leading to a boom in the infrastructure market. Accordingly, demand for power facilities is also increasing significantly, and record performance is expected this year."
Following the announcement earlier this year of supplying distribution-level power cables worth 65 million USD to the Singapore market, LS Cable Asia is expanding orders for full-scale growth after COVID-19, including signing a contract to supply submarine cables worth 5 million USD for a Vietnamese offshore wind power plant project.
LS Cable Asia is the holding company of two production subsidiaries in Vietnam (LS-VINA, LSCV) and one in Myanmar (LSGM). LS-VINA produces power cables such as high and medium voltage cables and wire materials (SCR), LSCV manufactures communication cables such as UTP and optical cables, medium voltage power cables, and bus ducts, and LSGM produces low voltage power cables and overhead wires.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
