LS Marine Solution said on the 5th that it posted 95.4 billion won in sales and 6.1 billion won in operating profit on a consolidation basis in the second quarter of this year. Compared with a year earlier, sales rose 42.5% and operating profit increased 79.2%.
First-half sales came to 148.2 billion won, with operating profit of 10.3 billion won. Even on a first-half basis, sales were up 33% and operating profit rose 61%.
The strong results were driven by the Taiwan Power Company offshore wind farm subsea cable laying (TPC2) project and subsea telecommunications cable installation in the Asia-Pacific region. Subsidiary LS Buildwin also contributed to improved results by carrying out extra-high-voltage underground cable projects in Singapore, Taiwan, and Saudi Arabia.
Orders are also increasing. On a consolidation basis, LS Marine Solution's order backlog stands at about 660 billion won. That is roughly three times last year's annual sales (244.2 billion won).
LS Solution expects growth potential ahead. LS Solution is the preferred bidder for the Shinan-Ui and Taean offshore wind projects and the West Coast high-voltage direct current (HVDC) Energy Highway. If the projects proceed in sequence, they could contribute to higher sales.
An LS Marine Solution official said, "Based on our construction capabilities that span both subsea and onshore, we will continue to expand power infrastructure projects at home and abroad."