Q3 Sales Increased 11% to 630 Billion KRW
On the 14th, Daehan Electric Wire announced that it recorded sales of 630 billion KRW in the third quarter on a consolidated financial statement basis, an 11% increase compared to the same period last year. Operating profit was 17.4 billion KRW, a 531% increase from the same period last year. Net profit increased by 47% to 12.2 billion KRW.
As a result, cumulative sales for the third quarter reached 2.0883 trillion KRW, and operating profit reached 59.1 billion KRW, representing increases of 16% and 107%, respectively, compared to the same period last year. In particular, operating profit for the cumulative third quarter has already surpassed last year's annual operating profit (48.2 billion KRW). Daehan Electric Wire stated, "In the cable industry, performance tends to improve as the second half progresses," and added, "We expect to maintain the strong performance trend through the end of the year."
The factors behind the performance increase are analyzed as the expansion of new orders and the promotion of sales from the existing order backlog. Daehan Electric Wire has increased its order backlog mainly through high value-added projects by securing large-scale power grid projects in regions where infrastructure investment is increasing, such as the United States, Europe, and the Middle East. This year, it pioneered new markets by securing ultra-high voltage cables in Germany and Bahrain. In particular, in the United States, it achieved $300 million in orders for the first time since entering the market last year, boosting this year's performance.
A Daehan Electric Wire official said, "Due to the increase in power consumption and the expansion of infrastructure investment, global demand for power grids is rising," adding, "We will expand orders in the competitive ultra-high voltage cable sector while simultaneously establishing a foundation for sustainable growth through stable market entry into new businesses such as HVDC cables and submarine cables."
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