Seoul: LS Electric Co., a South Korean electric equipment maker, announced a significant increase in its fourth-quarter net profit, which soared by 44.1 percent compared to the previous year. The company attributed this growth to a robust demand for its products, particularly transformers, circuit breakers, and switchgear, both domestically and internationally.
According to Yonhap News Agency, LS Electric reported a net profit of 62.8 billion won (approximately US$43.7 million) for the three months ending December 31, up from 43.56 billion won in the same period the previous year. A company spokesperson highlighted that the increased demand, especially in the United States for data center infrastructure, significantly contributed to the company's improved quarterly performance.
The company's operating profit saw an impressive rise of 76.1 percent, reaching 119.9 billion won in the fourth quarter, compared to 68.09 billion won a year earlier. Sales also experienced a notable increase, growing 31.9 percent to 1.35 trillion won from 1.03 trillion won during the same time frame.
For the entire year of 2024, LS Electric's net income climbed by 16.6 percent from the previous year, totaling 242.24 billion won. The operating profit for the year rose 19.9 percent to 389.72 billion won, while sales advanced by 7.6 percent year-on-year, reaching 4.55 trillion won.
LS Electric operates as an affiliate of LS Group, a prominent power cable and electric equipment manufacturer.