LS Electric Q1 Operating Profit at 87.3 Billion KRW, Down 6.86% Year-on-Year

LS Electric announced on the 21st that its consolidated operating profit for the first quarter of this year was 87.3 billion KRW. This represents a 6.86% decrease compared to the same period last year.

During the same period, sales declined by 0.63% to 1.0321 trillion KRW, while net profit dropped by 15.51% to 67.4 billion KRW.

The company explained that there was a temporary decrease in sales in the power business segment due to the carryover of domestic sales of power distribution equipment, but expects a recovery trend to be reflected from the second quarter. In the automation business, the company succeeded in turning a profit by focusing on securing high-margin clients.

LS Electric also stated that, despite market contraction, it achieved results in line with expectations as the performance of its subsidiaries in the United States and Vietnam improved. A company representative said, "The first quarter was a period of catching our breath, and we expect the growth trend to continue going forward."