LS Marine Solution, Turned Profitable Last Year... Operating and Net Profit Highest in 22 Years

Strong Performance One Year After LS Cable Acquisition
"Establishing Subsea Materials and Construction Value Chain"

LS Marine Solution announced on the 31st that it recorded an operating profit of 13.1 billion KRW last year, marking a turnaround to profitability compared to the same period the previous year. Net profit also turned positive at 11.6 billion KRW. Sales increased by 65.4% to 70.8 billion KRW.

The operating profit and net profit represent the best performance in 22 years. This was achieved five months after LS Cable & System acquired the company in August last year.

Operating profit in the fourth quarter of last year was 2 billion KRW, turning positive compared to the same period the previous year. Sales rose 141.6% to 24.2 billion KRW. The company stated, "Expansion of the submarine power cable business and asset efficiency improvements drove the performance."

LS Marine Solution is expanding its submarine cable construction business by establishing a turnkey order capability through the 'submarine cable materials-construction value chain' with LS Cable & System.

Founded in 1995, LS Marine Solution is Korea's first specialized submarine cable construction company and holds the number one market share domestically.

Seungyong Lee, CEO of LS Marine Solution, said, "We will continue our growth this year through the execution of the already secured Jeonnam offshore wind power project and additional domestic offshore wind power orders. We also expect overseas orders centered on countries with rapidly growing submarine cable markets such as Taiwan and Vietnam."

LS Marine Solution subsea cable laying vessel GL2030. [Photo by LS Marine Solution]