LS

■ Sales increased by 28%, operating profit by 14% and net profit by 22%

■ Expected to grow rapidly based on global competitiveness and domestic demand in Vietnam

LS Cable & System Asia Ltd (President and CEO Kwon Young-il) announced on April 10 that sales in the first quarter of this year increased by 28% to KRW 122.3 billion and operating profit by 14% to KRW 6 billion compared to last year.

LS Cable & System Asia Ltd 's 1Q of 2019 sales and operating profit were the best quarterly results since entering the Vietnam market in 1996 and listing on the Korea Exchange in 2016.

The company said that the quality of its power cables is far superior to that of local companies, but it is also competitive with overseas global players.

In addition, he added that he was able to win orders for high value-added projects following the expansion of the European 5G market. 

"We expect sales and profits to grow at a fast pace as sales of high value-added products increase due to continued growth in the Vietnamese domestic market," a company official said.

LS Cable & System Asia Ltd has recently signed a contract to supply power cable of Hoang Son Group, Vietnam's construction company, and Vietnam PV power plant business for the next two years to US $ 50 million (about 56.3 billion won).