Photograph 1) GL2030, a cable laying vessel owned by LS Marine Solution

Photograph 2) LS Marine Solutions CI

■ Sales and operating profit grew 86% and 77% year-on-year, respectively
■ Jeonnam offshore wind power project and overseas communication cable construction performance drive growth
■ Strengthening global competitiveness by making leap into integrated cable contractor 


LS Marine Solution's third-quarter sales and operating profit nearly doubled year-on-year, with the company marking its highest ever quarterly profit.

LS Marine Solutions announced on the 15th that it had recorded a provisional third quarter performance of KRW 37.4 billion in sales, KRW 7.2 billion in operating profit, and KRW 5.8 billion in net profit. 

These figures represent an increase of 86% and 77%, respectively, compared to sales of KRW 20.1 billion and operating profit of KRW 4.1 billion in the same period last year.

A company spokesperson explained, "The expansion of the submarine power cable business and the improved efficiency of operation of assets such as ships contributed significantly to the performance growth."

LS Marine Solution recently acquired LS Buildwin, a specialist in land cable construction, as a subsidiary, making the leap forward to become an integrated cable construction company covering both submarine and land construction.

If the paid-in capital increase is completed within this month, LS Buildwin’s fourth-quarter sales will be reflected in LS Marine Solution’s sales this year. In this case, LS Marine Solution’s sales are expected to reach approximately KRW 130 billion, nearly doubling from KRW 70.8 billion last year, and its total assets are also expected to increase from KRW 194.5 billion as of the end of June to approximately KRW 270 billion.

LS Marine Solution, which has the longest submarine cable construction experience in Korea, is expecting continuous growth through its participation in the West Coast Submarine Power Highway Construction Project, the expansion of its offshore wind power business, and the strengthening of its global competitiveness through cooperation with LS Cable & System.