Provisional figures released by LS C&S on July 11 showed that the company chalked up 135 billion won in sales and 6.7 billion won in operating profit for the second quarter of the year, representing a 22 percent surge and a 74 percent jump over the same period last year, respectively.

LS C&S said the growth of the Vietnamese power market and a rise in telecommunications cable demand in advanced regions like Europe led the increase in sales. Thanks to the rising demand, the operation rate of plants in Hai Phong and Hoh Chi Minh City stands at more than 90 percent.

The growth of the Vietnamese new and renewable energy markets like wind power and photovoltaic power had led to the growth of LS C&S Asia.

The portion of the Vietnamese new and renewable energies is predicted to jump to 9.9 percent in 2020 and 21 percent in 2030, but local cable & system companies have insufficient technology expertise and production facilities.

LS C&S Asia has occupied the Vietnamese new & renewable markets as the company struck a deal for a $50 million photovoltaic power project in Vietnam this past March. An LS C&S official said the Vietnamese new and renewable markets are “blue ocean” opportunities, and the company will maintain growth momentum by landing large project orders and exploring new markets.

LS C&S struck a deal to supply undersea cables to Taiwan.

The Korean cable maker has become the winter of three projects whose tender has been so far offered for about 10 planned offshore wind power projects.

LS C&S signed a contract with Jan De Nul to supply underground cables, measuring about 130 km in combined length to an offshore wind power complex in western Miaoli County, Taiwan, by 2021.

Taiwan is to halt of the operation of nuclear power units by 2025 and instead the island state is constructing large-scale offshore wind power farms to replace them with new and renewable energies.

LS C&S won an undersea cable order from Taiwan this past January, this year’s first one, and the company landed a 110 billion contract in early July. The combined value of the three orders, including the latest deal, came to about 200 billion won.
LS C&S President Myung Noh-hyun said, As the Taiwanese undersea cable market showed a rapid growth, the country has become a battleground among global cable makers, including Japanese. It takes on significance that LS C&S has been selected as the winner of a series of orders by outbidding global competitors.

LS C&S said the company has earned recognition while collaboration with or implementing projects with European companies which dominate the European, Asian, North America markets, which has helped the company land the latest orders.

Jan De Nul is a Belgian company established in 1938, The company primarily implements offshore wind power farm project, offshore plant, and port construction projects. It posted 1.7 billion euro in 2018.