On January 17, LS Cable & System Asia announced that it achieved the best results last year with sales of KRW 743.5 billion and operating profit of KRW 28.2 billion. Compared to the previous year, sales increased by 28% and operating profit increased by 75%.

The company achieved the highest performance last year despite the lockdown policy in Vietnam due to the spread of COVID-19.

"There was a difficulty in winning the project due to the total blockade policy of the Vietnamese government," said a company official. "We were able to achieve the highest performance as the growth of the new and renewable energy market in Vietnam and the profitability of new businesses such as bus ducts were on track.”

“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," he added. "We will be able to break new records again this year thanks to the expansion of sales of telecommunication products through the expansion of UTP facilities and the launch of new bus duct products.”

Meanwhile, LS Cable & System Asia supplied distribution-class power cables worth $65 million to the Singapore market early last year.

In addition, the company signed a contract to supply subsea cables worth about $10 million on two occasions for the Vietnam offshore wind farm construction project.