LS Eco Energy Reports Record High Operating Profit of 29.5 Billion KRW Last Year

7% Increase Compared to Previous Year
Net Profit Turns Positive

LS Eco Energy (formerly LS Cable Asia) achieved its highest-ever operating profit last year.

LS Eco Energy announced on the 7th that it posted provisional sales of 731.1 billion KRW, operating profit of 29.5 billion KRW, and net profit of 4.3 billion KRW last year.

LS Eco Energy Vietnam manufacturing subsidiary LSCV overview.
Photo by LS Eco Energy

Operating profit increased by 7.4% from 27.5 billion KRW in 2022, and net profit turned positive from a loss of 9.1 billion KRW. The operating profit margin reached 4%, the highest since its KOSPI listing in 2016.

The company explained that the expansion of high value-added product lines, such as ultra-high voltage cables, was a major factor in improving profitability.

However, sales decreased by about 10% compared to 818.5 billion KRW the previous year. A company official said, "Sales declined compared to the previous year due to the slow recovery of the domestic economy in Vietnam and the reduction in production of low value-added product lines."

Lee Sang-ho, CEO of LS Eco Energy, said, "We expect both sales and profits to grow significantly this year as we supply rare earth oxides such as neodymium to permanent magnet manufacturers."