LS Cable Asia Reports Operating Profit of 28.2 Billion KRW Last Year... "Record High Performance"
[Asia Economy Reporter Jeong Hyunjin] LS Cable Asia announced on the 17th that its consolidated performance last year achieved record results with sales of 743.5 billion KRW and operating profit of 28.2 billion KRW. Sales increased by 28% and operating profit by 75% compared to the previous year.
LS Cable Asia stated that following its announcement early last year to supply distribution-level power cables worth 65 million USD to the Singapore market, it has rapidly expanded orders by signing two contracts to supply submarine cables worth approximately 10 million USD for the Vietnam offshore wind power plant project.
An LS Cable Asia official explained, "Despite Vietnam's lockdown policies due to COVID-19, we demonstrated our strength as Vietnam's number one cable maker by achieving record results this year. Although there were difficulties in securing project orders, the growth of the renewable energy market in Vietnam and the profitability of new businesses such as bus ducts getting on track enabled us to achieve record performance."
LS Cable Asia expects that with Vietnam's economic recovery and the high growth of the renewable energy market this year, orders for high value-added power projects will increase. Supported by the expansion of UTP facilities to boost sales of communication products and the launch of new bus duct products, it anticipates breaking its record performance again this year.
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LS Cable Asia is the holding company of two production subsidiaries in Vietnam (LS-VINA, LSCV) and a production subsidiary in Myanmar (LSGM). LS-VINA produces power cables of high voltage (HV), medium voltage (MV), and low voltage (LV) as well as wire materials (SCR). LSCV manufactures communication cables such as UTP and optical cables, MV and LV power cables, building wires, and bus ducts. LSGM produces LV power cables and overhead wires.
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