KT Submarine and LS Cable Achieve Business Synergy... Successful Turn to Profit in First Half of the Year

Sales Up 18.9% Year-on-Year, Operating Profit Turns Positive, Net Profit Increases 1383.5%

KT Submarine (KTS) succeeded in turning a profit in the first half of this year based on business synergy with LS Cable & System.

Submarine Cable Laying Ship GL2030 Owned by KT Submarine

On the 24th, KTS announced that it recorded sales of 26.5 billion KRW, operating profit of 7 billion KRW, and net profit of 6.2 billion KRW in the first half of this year. Compared to the same period last year, sales increased by 18.9%, and operating profit turned positive from -1.7 billion KRW to 7 billion KRW. The operating profit margin was 26.4%. Net profit increased by 1383.5%, from 400 million KRW to 6.2 billion KRW.

Participation in the new growth engine of subsea power cable business and asset efficiency improvements drove record-breaking performance. In the first half, KTS secured the only domestic subsea power cable laying vessel and participated in projects such as the ‘Jeju 3-Connection Subsea Cable Construction Project’ and the ‘Shinan Offshore Wind Power Complex Development’ project. Lee Seung-yong, CEO of KTS, said, “We have already secured orders for the second half, including projects worth about 60 billion KRW in the first half, and we expect to achieve record-breaking annual performance.”

Industry experts expect KTS’s performance growth to continue for the time being as domestic offshore wind power complex construction accelerates. LS Cable & System temporarily secured a 45% stake in KTS through a stock purchase warrant (call option) contract in April. Once the remaining payment is completed in mid-next month, it will become the largest shareholder.

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