LS Marine Solution posted its best-ever first-half results since its founding, driven by strong performance in its subsea and onshore installation businesses.
LS Marine Solution (060370) reported second-quarter consolidated revenue of 95.4 billion won and operating profit of 6.1 billion won, the company said in a regulatory filing on the 5th. Revenue rose 42.5% and operating profit climbed 79.2% from a year earlier. Net profit surged 382.2% to 6.9 billion won. Compared with the previous quarter, revenue and operating profit increased 80.8% and 45.2%, respectively, marking a clear improvement in earnings.
The strong second quarter led to record first-half results. Cumulative revenue for the first half of this year reached 148.2 billion won, up 33% year-on-year. Operating profit was 10.3 billion won and net profit was 13 billion won, rising 60.6% and 216.9%, respectively, from the same period last year. Revenue, operating profit and net profit all marked record highs on a half-year basis.
Large overseas projects drove the earnings growth. Subsea cable laying at the Taiwan Power Company's offshore wind farm (TPC2) and a subsea communications cable installation project in the Asia-Pacific region led the strong performance. Subsidiary LS Buildwin also contributed by carrying out large-scale underground cable projects in Singapore and Taiwan.
The foundation for medium- to long-term growth is also solid. The company's current order backlog stands at approximately 660 billion won, about three times its annual revenue from last year.
Growth momentum is expected to strengthen further as the Shinan Wui and Taean offshore wind projects, for which the company was selected as preferred bidder, and the West Coast ultra-high-voltage direct current (HVDC) energy highway project move into full swing. The deployment of the cable-laying vessel "GL2030," which recently completed performance upgrades, is also expected to enhance the company's capacity to handle large-scale projects.
"Based on our installation capabilities spanning both subsea and onshore, we will continue to expand our entry into global markets and our power infrastructure businesses at home and abroad," an LS Marine Solution official said.
