South Korean cable maker LS Eco Energy reported a 227% jump in third-quarter net profit, driven by strong exports of high-voltage and network cables to Western markets.
Net income reached 8.4 billion won ($6.4 million) in the quarter, up from 2.6 billion won a year earlier. Sales climbed 33% to 223.4 billion won, while operating profit rose 14% to 12.5 billion won.
The company’s performance got a boost from increased shipments of 10-gigabit LAN cables to North America, where the construction market recovery has spurred demand. The manufacturer has also expanded its presence in European and Asian markets through cross-selling arrangements with parent LS Cable & System.
CEO Sang-ho Lee said rising electricity consumption and data usage continue to fuel demand for premium cable products. The company is now pushing into the North American underground cable segment after receiving UL certification for its aluminum products.
LS Eco Energy aims to maintain growth momentum through new ventures, including submarine cable projects across Europe and Asia. The company expects to post its strongest full-year results, marking three consecutive quarters of record performance in 2024.
