LS Marine Solution Reports Cumulative Q3 Sales of 46.6 Billion KRW... Surpassing Last Year's Annual Revenue

Operating Profit Turns Positive with 4.1 Billion KRW

LS Marine Solution recorded cumulative sales of 46.6 billion KRW in the first three quarters of this year, surpassing last year's annual sales of 42.8 billion KRW.

LS Marine Solution announced on the 25th that its sales in the third quarter of this year reached 20.1 billion KRW, a 91.7% increase compared to the same period last year. During the same period, operating profit was 4.1 billion KRW, and net profit was 3.7 billion KRW, successfully turning profitable.

The cumulative profit and loss for the first three quarters recorded a record high operating profit of 11.1 billion KRW and net profit of 9.9 billion KRW. The operating profit margin during this period reached 23.8%.

LS Marine Solution subsea cable laying vessel GL2030.
[Photo by LS Marine Solution]

LS Marine Solution explained that the record-breaking performance was driven by the execution of submarine cable projects and asset efficiency improvements. In particular, it is analyzed that the 'Jeju 3-Connection Submarine Cable Construction Project,' carried out in cooperation with LS Cable & System, contributed to the increase in performance.

With the full-scale construction of domestic offshore wind farms, LS Marine Solution is expected to continue its growth trend. The scale of the submarine construction project for the 'Anma Offshore Wind Project' in Jeonnam, for which LS Marine Solution was recently selected as the preferred negotiator, is expected to exceed 100 billion KRW.

LS Marine Solution is also continuing its efforts to expand overseas business, such as establishing a sales base in Taiwan. The Taiwanese submarine construction market is estimated to be worth about 2.5 trillion KRW.

Industry insiders expect LS Marine Solution to achieve sales of 65 billion KRW and operating profit of over 13 billion KRW this year. Furthermore, next year, sales from the Jeonnam offshore wind project are expected to begin in earnest, and with expanded orders in Taiwan and domestically, sales are projected to reach 100 billion KRW, more than double the 42.8 billion KRW recorded in 2022.

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