DaeHan Electric Wire Reports Q1 Operating Profit of 17.7 Billion KRW, Up 50% YoY

Operating Profit Surpasses 15 Billion KRW for the First Time in 12 Years

Daehan Electric Wire & Cable recorded an operating profit of 17.7 billion KRW in the first quarter, a 50% increase compared to the same period last year, based on consolidated financial statements, the company announced on the 15th. Sales revenue also rose 19% to 703.9 billion KRW on the same basis.

This is the first time in 12 years since 2011 that Daehan Electric Wire & Cable's operating profit has exceeded 15 billion KRW. Breaking the 700 billion KRW sales mark is also a first in 12 years. Daehan Electric Wire & Cable stated, "Considering the industry trend where performance usually improves in the second half, we expect the upward trend in results to continue."

Daehan Electric Wire & Cable explained that it achieved these results despite a decline in the price of copper, a key raw material accounting for more than 60% of cable raw material costs (refined copper used as cable conductor). The price of copper, which is linked to cable selling prices, averaged $8,930 in the first quarter, more than 10% lower than the same period last year.

Daehan Electric Wire Recent 5-Year Q1 Performance Trend /
[Image provided by Daehan Electric Wire]

Daehan Electric Wire & Cable attributes the improved performance to sales promotion based on a high order backlog and expansion of new orders. The company secured a record-high order backlog last year by increasing new orders, with cumulative annual orders in the North American region exceeding $300 million. The U.S. subsidiary (T.E. USA) also recorded sales of 76.8 billion KRW, a 27% increase compared to the same period last year.

A Daehan Electric Wire & Cable official said, “We will maintain a solid upward trend in performance by promoting sales of already secured high value-added projects and strengthening order and business competitiveness.” Additionally, “We will continue to pursue production localization, discover new growth engines, and invest in facilities to enhance corporate value,” they added.

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