Daehan Cable Q2 Operating Profit Up 71%... Surpasses 40 Billion Won in H1

Q2 Sales Increased by 18% to 754.4 Billion KRW

Daehan Electric Wire & Cable Co., Ltd. announced on the 11th that its operating profit for the second quarter on a consolidated basis reached 24 billion KRW, a 71% increase compared to the same period last year. Sales for the second quarter increased by 18% to 754.4 billion KRW on the same basis. Net profit turned positive to 13.3 billion KRW from a loss of 8 billion KRW in the previous year.

The rise in sales of high-margin products through expanded new orders boosted the performance. Daehan Electric Wire & Cable has established regional headquarters to expand its global market and has focused its capabilities on securing orders for high-margin products. In particular, it has secured a high backlog of orders by intensifying market penetration mainly in the United States and Europe.

Operating profit for the first half of the year increased by 62% compared to the same period last year, reaching 41.7 billion KRW. This is the highest performance in 20 years since 2003, surpassing 40 billion KRW for the first time since 2004. Sales for the first half rose 19% to 1.4583 trillion KRW. Net profit was 22.1 billion KRW, about 15 times higher than 1.4 billion KRW in the first half of the previous year.

Daehan Electric Wire Dangjin Factory View / Photo by Daehan Electric Wire

Daehan Electric Wire & Cable expects its performance to improve further in the second half due to the nature of the cable industry. A company official said, "With the global increase in demand for replacing aging power grids and active investment in renewable energy, the outlook for the cable industry is bright," adding, "We will maintain a solid upward trend in performance through expanding new orders based on close local management and systematic project management."

He continued, "We will lay the foundation for sustainable growth by expanding orders for strategic products such as the ongoing submarine cable factory construction, global production localization, and high-voltage direct current (HVDC) cables."

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