LS Marine Solution, Record-High First Half Performance... "Surge in Offshore Wind Project Sales"

Doubled Year-on-Year... Quarterly Operating and Net Profit Turned Positive
"Large-Scale Offshore Wind Power Construction Project Orders Expected in Second Half"
Building Submarine Cable Value Chain with LS Cable & System... Targeting Overseas Markets

LS Marine Solution announced on the 16th that it recorded the highest half-year performance ever based on the half-year standard. It recorded cumulative sales of 52 billion KRW, operating profit of 3.1 billion KRW, and net profit of 3.8 billion KRW in the first half of the year.

LS Marine Solution's laying vessel GL2030.
[Photo by LS Marine Solution]

Sales doubled compared to 26.5 billion KRW in the same period last year. It is the first time in 13 years since 2011, when LS Marine Solution recorded 62.9 billion KRW, that the company’s half-year sales exceeded 50 billion KRW. The operating profit margin for the first half was 6%.

Looking at the quarterly basis, the company succeeded in turning operating profit and net profit positive. Operating profit in the second quarter was 5.9 billion KRW, turning positive from -2.8 billion KRW in the previous quarter. Net profit increased to 5.7 billion KRW from -1.9 billion KRW in the previous quarter.

The company explained, "Sales surged in the second quarter as the 'Jeonnam Offshore Wind Power Phase 1' project construction progressed."

The Jeonnam Offshore Wind Power Phase 1 project is a 99 MW (megawatt) scale project being constructed in Sinan-gun, Jeonnam by SK E&S and the eco-friendly energy investment management company CIP. Plans are also underway to promote the construction of the 399 MW scale Phase 2 and 3 projects nearby.

LS Marine Solution is collaborating with its parent company LS Cable & System. As LS Cable & System accelerates localization of overseas projects in the US and other countries, LS Marine Solution is expected to have more opportunities to jointly win new projects in overseas markets with LS Cable & System.

Lee Seung-yong, CEO of LS Marine Solution, said, "We are building a value chain for submarine cable materials and construction with LS Cable & System and expanding our business participation." He added, "We are preparing to secure large-scale offshore wind power construction projects in the second half of the year."

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