LG CNS Q1 Operating Profit 24.4 Billion KRW... 5.6% Increase YoY

[Asia Economy Reporter Buaeri] LG CNS announced on the 17th that it recorded sales of 636.8 billion KRW and an operating profit of 24.4 billion KRW in the first quarter of this year.

This represents a 3.7% increase in sales and a 5.6% increase in operating profit compared to the same period last year. In particular, sales achieved an all-time high for the first quarter.

An LG CNS official explained, "Despite the COVID-19 crisis, IT new technology businesses centered on cloud transition supported the first quarter performance."

Currently, LG CNS is promoting a project to transition more than 90% of the IT systems of LG affiliates such as LG Electronics, LG Chem, and LG Display to the cloud by 2023.

LG CNS plans to actively target the non-face-to-face market by introducing new services this year, such as the 'Artificial Intelligence (AI) Facial Recognition Access Control System' and 'Facial Recognition Payment Service,' in response to the increased demand for non-face-to-face services due to COVID-19.

An industry official stated, "The fact that 930 billion KRW in demand poured in for LG CNS's 160 billion KRW corporate bond issuance recently shows the market's strong expectations for LG CNS's projects," adding, "The forecast that demand for non-face-to-face services will increase is likely to act as a positive factor for LG CNS."

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