LS Marine Solutions has achieved its highest-ever half-year performance, bolstered by the expansion of its underwater and underground cable construction business. The company reported that significant overseas projects have begun to contribute to its revenue, with its order backlog nearly three times last year's annual sales.
On August 5, LS Marine Solutions announced a consolidated revenue of 148.2 billion won and an operating profit of 10.3 billion won for the first half of the year. The net profit was recorded at 13.1 billion won.
Compared to the same period last year, revenue increased by approximately 33%. Operating profit rose by about 61%, while net profit surged by around 217%. All three metrics—revenue, operating profit, and net profit—set records for the half-year period.
The company's performance was driven by its undersea cable installation project for the Taiwan Power Company’s offshore wind farm and undersea communication cable projects in the Asia-Pacific region. The increase in marine construction volume, including cable laying and installation, contributed to these results.
Additionally, the overseas underground cable business of its subsidiary, LS Buildwin, has also contributed to growth. LS Buildwin is currently engaged in high-voltage underground cable projects in Singapore, Taiwan, and Saudi Arabia.
LS Marine Solutions' consolidated order backlog stands at approximately 660 billion won, which is about 2.7 times last year's annual revenue of 244.2 billion won. If projects selected as preferred bidders, such as the Sinan Uwi and Taean offshore wind farms, proceed to formal contracts, the order volume is expected to increase further.
The current order backlog is about 4.5 times the revenue for the first half of the year, indicating a solid foundation for medium- to long-term revenue based on existing projects.
The company has also completed performance upgrades on its undersea cable laying vessel, the GL2030. This enhancement aims to improve the vessel's construction capabilities to better respond to large projects, including offshore wind farms and high-voltage direct current (HVDC) energy highways along the west coast.
LS Marine Solutions is expanding its construction system by connecting LS Cable, which handles undersea cable production, with LS Buildwin, which manages land construction. This integrated capability, from cable supply to laying and underground connection work, is expected to influence future domestic and international power grid project bids.
A representative from LS Marine Solutions stated, "We will continue our growth by participating in offshore wind and west coast HVDC projects and expanding into global markets. Based on our construction capabilities that encompass both undersea and land projects, we aim to expand our involvement in domestic and international power infrastructure projects."
* This article has been translated by AI.
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