LS Marine Solution Achieves Record First-Half Results with Sales of 148.2 Billion Won and Operating Profit of 10.3 Billion Won

Sales up 33%, Operating Profit up 61%, Net Income up 217% Year-on-Year
Overseas Projects and Subsidiary Growth Drive Performance
Order Backlog of 660 Billion Won Lays Foundation for Mid- to Long-Term Growth

LS Marine Solution has achieved its highest-ever performance in the first half of this year, driven by the expansion of its submarine cable laying and onshore construction businesses.

LS Marine Solution subsea cable laying vessel GL2030. LS Marine Solution

On August 5, LS Marine Solution announced through a disclosure that its consolidated sales for the first half of this year reached 148.2 billion won, with operating profit at 10.3 billion won and net income at 13.1 billion won. Compared to the same period last year, sales increased by approximately 33%, operating profit by approximately 61%, and net income by approximately 217%. All three figures—sales, operating profit, and net income for the half-year period—recorded all-time highs.

The record-breaking performance was driven by the full recognition of revenues from global submarine cable projects and the growth of its subsidiaries. In particular, the submarine cable installation project for the Taiwan Power Company offshore wind farm (TPC2), as well as the submarine telecommunication cable installation projects in the Asia-Pacific region, led to performance growth. Additionally, LS Buildwin, a subsidiary specializing in extra-high voltage underground cable construction, contributed to solid profit growth by executing large-scale extra-high voltage underground cable projects in major overseas markets such as Singapore, Taiwan, and Saudi Arabia.

The company’s order backlog also remains strong. Currently, the order backlog on a consolidated basis stands at approximately 660 billion won, which is about three times last year’s annual sales of 244.2 billion won.

The upward trend in results is expected to accelerate as large-scale offshore wind power projects are sequentially launched. Major projects, such as the Sinan-Uui and Taean offshore wind power businesses, for which LS Marine Solution has been selected as the preferred bidder, will be promoted one after another, while the government-led 'West Coast HVDC (High Voltage Direct Current) Energy Highway' project will also be in full swing. With the recent deployment of the large submarine cable laying vessel 'GL2030', which has completed performance upgrades, the company’s responsiveness to large projects is expected to be further enhanced.

An official from LS Marine Solution stated, "We will sustain our growth by expanding offshore wind power, participating in the West Coast HVDC Energy Highway project, and entering the global market," adding, "Based on our construction capabilities spanning both submarine and onshore projects, we will continue to expand domestic and international power infrastructure businesses."

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