LS Cable & System Asia announced on Jan. 17 that it achieved the highest results with sales of 743.5 billion won and operating profit of 28.2 billion won. Compared to the previous year, its sales increased by 28% and operating profit by 75%.
Despite the lockdown policy in Vietnam due to the spread of COVID-19 since last year, it achieved the highest performance last year and showed its potential as Vietnam's No. 1 cable maker.
According to a company official, “There were difficulties in winning the project due to the Vietnamese government’s total blockade policy, but it was possible to achieve maximum performance as the growth of the new and renewable energy market in Vietnam and the profitability of new businesses such as bus ducts are on track."
In addition, he said, “This year, orders for high value-added power projects are expected to increase due to the economic recovery in Vietnam and the high growth of the new and renewable energy market.
“Thanks to the expansion of sales of telecommunication products through the expansion of UTP facilities and the launch of new products for bus ducts, we will be able to break new records again this year.”
LS Cable & System Asia announced at the beginning of last year that it will supply distribution-class power cables worth $65 million to the Singapore market.
After that, it is accelerating growth by winning orders, including signing a contract to supply submarine cables worth about $10 million on two occasions for the Vietnam’s offshore wind power complex development project.