LS Electric has reported robust financial results for the first quarter of 2024, driven by significant growth in sales and operating profit. The company’s sales reached KRW 1,039 billion, marking a 6.4% increase from KRW 976 billion in the first quarter of 2023. This growth is largely attributed to the strong performance in the electric business segment, which saw a 15% rise in operating profit to KRW 94 billion from KRW 82 billion year-over-year.
The company’s focus on maintaining a stable financial structure is evident with a debt-to-equity ratio of 132% and a net debt ratio of 15%. Total assets grew to KRW 3,933 billion, a 10% increase from KRW 3,562 billion in the same period last year. Cash and cash equivalents also rose significantly by 13%, reaching KRW 661 billion.
LS Electric’s global expansion efforts, particularly in North America, have shown promising results. The company has increased its order backlog in North America by 197%, with high voltage transformer sales in the region jumping from KRW 6 billion to KRW 17 billion. This expansion is part of a broader strategy to target strategic customers and markets, enhancing the company’s international footprint.
The automation business and subsidiaries have also contributed to the profit growth, with the U.S. subsidiary performing exceptionally well, leading to a significant rise in profits. Overall, LS Electric’s comprehensive approach to growth and stability positions it well for continued success in the dynamic global market.
