LS Cable Asia Reports Record Q1 Sales of 195.6 Billion KRW, Up 20% (Update)

Profitability Improvement Due to Increased Demand for High-Value Communication Lines

[Asia Economy Reporter Park Sun-mi] LS Cable Asia announced on the 14th that its consolidated results for the first quarter of 2022 showed sales of 195.6 billion KRW and operating profit of 6.8 billion KRW, representing increases of 20% and 13% respectively compared to the previous year.

The first quarter sales marked the highest ever since the establishment of the Vietnam production subsidiary. Operating profit also recorded the second highest level following 7.3 billion KRW in the first quarter of 2020. Considering that the first quarter is traditionally an off-season due to Tet, the biggest holiday in Vietnam, the results are regarded as excellent. LS Cable Asia achieved its highest annual performance last year with sales of 750.6 billion KRW and operating profit of 28.2 billion KRW through expanding orders for high value-added projects including power projects in Vietnam's renewable energy market.

Regarding the first quarter results, a company official stated, “Demand for high value-added products is increasing in North America, the largest export region for communication cables,” and added, “Facility expansion in preparation for increased demand in North America was completed in the first quarter of this year, so record-high sales are expected this year.” He further commented, “The full-scale start of the Vietnam power market will begin from the second quarter, and based on the full recovery of the domestic market in Vietnam, we expect to surpass last year’s record performance.”