LS Marine Solution Achieves Record-High Third-Quarter Revenue of 77 Billion Won

Large-Scale Projects Progress Smoothly
Sustained Growth in Performance Expected

LS Marine Solution achieved its highest-ever third-quarter revenue.

On November 14, LS Marine Solution announced that its consolidated revenue for the third quarter reached 77 billion won, with an operating profit of 2.1 billion won. This represents a 106% increase compared to the same period last year (37.4 billion won), more than doubling and setting a new record for third-quarter performance. Cumulative revenue has reached 188.4 billion won, which is 145% of last year's annual revenue, making it highly likely that the company will surpass 200 billion won within this year.

LS Marine Solution Subsea Cable Laying Vessel GL2030. LS Marine Solution

LS Marine Solution attributed this performance to several factors: the full-scale construction of the Taiwan Power Company Offshore Wind Farm Phase 2, the inclusion of project results from its subsidiary LS Buildwin's Singapore project, and synergy effects with LS Cable & System.

Large-scale projects such as the installation of subsea cables for Taiwan's offshore wind farms and the deployment of underwater acoustic detection sensors for defense purposes are progressing sequentially, indicating continued growth. However, operating profit decreased by approximately 71% year-on-year due to a temporary decline in earnings caused by the expansion of production facilities. Profitability is expected to recover starting next year, once the expansion is completed.

LS Marine Solution's order backlog stands at around 700 billion won, more than five times last year's annual revenue (130.3 billion won). Based on this, the company expects sustained mid-term growth. Additional orders are also anticipated, driven by the expansion of the domestic offshore wind power market and the acceleration of the West Coast high-voltage direct current (HVDC) project.

A representative from LS Marine Solution stated, "We have been designated as the preferred bidder for major offshore wind power projects such as Shinan-Uui, Taean, and Haesong, and some of these are expected to be converted into contracts within this year." The representative added, "Once the West Coast HVDC Energy Highway project is fully launched, it will serve as a catalyst for the company's mid- to long-term growth."

This content was produced with the assistance of AI translation services.