Chalks up 660.6 billion won in sales, 65.3 billion won in operating profit, and about 40.1 billion won in net profit for 2nd quarter
LSIS chalked up 1,252.1 billion won in sales in the first half of this year, marking its best-ever performance, beating the market consensus. The smart energy and power infrastructure sectors, which had been struggling, are expected to pick growth momentum during the remaining quarters of the year.
In an electronic filing for the 2nd quarter of 2018, LSIS posted 660.5 billion won in sales, 65.3 billion won in operating profit, and about 40.1 billion won in net profit. The figures represent a 12.3 percent jump, a 49.3 percent surge, and a 21.1 percent rise, respectively, compared to those of the same period last year.
In particular, LSIS logged the best-ever business performance for the second quarter, following that up with record earnings in the previous quarter. The cumulating sales, operating profit and net profit for the first half of the year added up to 1,252.1 billion won, 120.7 billion won and 82.9 billion won, respectively, the best-ever business performance since the company was spun off from LS Group.
As to its good run, LSIS said each business improved evenly amid the stable growth of mainstay businesses such as power and automation. The smart energy business succeeded in turning a profit, and the power infrastructure business saw rising profits.
The power/automation device business maintained consistent growth on the back of continuing investments into the IT sector centering around the semiconductor and display industries in Korea. In particular, continued efforts to expand its customer base focusing on large-sized companies paid off, so sales and profitability are forecast to grow.
The overseas business sector tended to somewhat falter in the wake of the global economic slowdown, but inverters, PLCs and other automation businesses were on a roll in the North American and European markets. The power infrastructure business saw sales and profitability improve on the back of a rise in sales for high voltage direct current, gas insulated switchgears following the winning of public projects and large-sized private sector ones to post a 458 percent jump over the same period last year.
The smart energy business LSIS is nurturing as a new growth engine succeeded in turning a profit.
The energy storage system business struck a streak of deals from businesses such as SeAh Group, Samyang Group and LS Nikko-Copper. The company supplied ESSs, whose combined capacity stood at 289MWh in the first six months of the year.
The photovoltaic power business went smooth with the dedication of the Chitose power plant and the implementation of Hanamizki power plant, and it is anticipating more deals in the global photovoltaic power market in the second half. The business for DC relays used for ESSs and EVs succeeded in turning around to a profit on the back of remarked growth in Korea and abroad.
LSIS and Macquarie Capital Win Largest-Ever ESS Project
LSIS and Macquarie Capital joined forces in expanding the energy storage system business targeting energy-engulfing worksites. The two companies agreed to build and operate 34MW ESS facilities with 175MWh batteries and 34MW PCS from five plants of SeAh Group, the largest-ever single-plant project.
LS Tower in Anyang, south of Seoul. (Photo: LSIS)