Photograph) LS Marine Solution's submarine cable laying vessel GL2030


■ Overseas business expansion and improved process efficiency driving results
■ Record cumulative operating profit, KRW 820 billion order backlog
■ GL2030 to be deployed in October, raising expectations for earnings growth


LS Marine Solution (CEO Kim Byung-ok) saw its third-quarter operating profit more than triple year on year, buoyed by overseas expansion and improved efficiency in submarine and onshore installations. 

The company announced on the 21st that it had recorded consolidated revenue of KRW 73.6 billion, operating profit of KRW 6.9 billion, and net profit of KRW 6.2 billion for the third quarter of 2026. 

While revenue decreased by 4.3% year on year from KRW 77 billion, operating profit surged by approximately 235%, from KRW 2.1 billion to KRW 6.9 billion. Cumulative revenue for the first three quarters reached KRW 221.9 billion while operating profit hit KRW 17.2 billion, an all-time third-quarter high. 

The surge in operating profit was primarily driven by business expansion overseas and process optimization. Key projects included burying submarine cable for the Taiwan Power Company's offshore wind farm (TPC2) and submarine communication cable installations across the Asia-Pacific region. 

In addition, subsidiary LS Buildwin improved profitability by enhancing installation efficiency in submarine and underground cable projects in Asia and the Middle East. 

The slight dip in revenue was due to LS Marine Solution’s submarine cable laying vessel, the GL2030, being out of service for a capacity upgrade. Deployed in full scale for a project in Malaysia in October, the GL2030 is expected to contribute to revenue growth going forward. 

The company's consolidated order backlog now stands at approximately KRW 820 billion, which outstrips its 2025 annual revenue of KRW 244.2 billion by roughly 3.4 times. 

With large-scale projects such as the Sinan Ui and Taean offshore wind farms proceeding one after another and the West Coast HVDC Energy Highway project kicking into high gear, the company expects more orders and increased revenue in the future.