By Kim Yoo-chul
Staff reporter
LS Industrial System said Friday its operating profit for the April-June period edged up year-on-year.
The quarterly profit of the company, which sells electric machinery, was 46.4 billion won _ an increase of 2.9 percent year-on-year.
But sales for the second quarter decreased by 8.4 percent to reach at 347.5 billion won, it said.
Net profit during the quarter was up 5 percent to 33.8 billion won. Quarter-on-quarter, sales retreated by 5.1 percent, while operating and net profit spiked by 90.9 percent and 44.4 percent, respectively, it said in the regulatory filing.
"It is expected that the second half will be better as our new businesses are seen to lift us," said a company spokesman.
The official said LS is planning to revise up this year’s operating profit and sales target from the earlier prediction of 165.8 billion won and 1.433 trillion won, respectively.
The official didn't elaborate further.
LS Industrial is driving up its efforts to strengthen its competitive edge in green-related businesses, including eco-friendly building system-related fields.
LS has been diversifying its business portfolios and expanding its global presence specifically in undersea cables.
Towards that path, it formerly acquired Planet, LS Power Semitech and Metronix.
Shares of LS Industrial lost 1.23 percent to end at 88,000 won on the nation’s main bourse, according to the bourse operator Korea Exchange (KRX).