LS Eco Energy Operating Profit 9.7 Billion KRW... Record High for Q1

Q1 Operating Profit Increased by 84% Year-on-Year

LS Eco Energy announced on the 24th that it recorded sales of 179.9 billion KRW, operating profit of 9.7 billion KRW, and net profit of 8.0 billion KRW in the first quarter. Compared to the same period last year, sales increased by about 2%, while operating profit and net profit rose by approximately 84% and 1240%, respectively. The operating profit margin stood at 5.4%. The company explained that both operating profit and operating profit margin marked the highest levels ever recorded for a first quarter.

LS Cable Asia Vietnam Production Corporation View /
[Photo by LS Cable]

LS Eco Energy stated, "Increased exports of ultra-high voltage cables to Europe and Singapore drove improvements in sales and profitability," adding, "Exports of North American communication cables, which had declined last year, are also recovering." They also explained, "More than 30% of sales come from exports," and "We recently signed a contract to supply cables worth approximately 30.51 million USD over three years to Denmark, which is expected to continuously improve our performance going forward."

Lee Sang-ho, CEO of LS Eco Energy, said, "With global power grid expansion underway, demand for electric wires is surging," and added, "We expect record-high performance this year."

LS Cable recently announced that it will receive support of 99.06 million USD for its investment in the US submarine cable business and is considering building submarine cable factories in Europe and Vietnam through LS Eco Energy.