Seoul: LS Electric on Thursday reported its second-quarter net income of 115.8 billion won (US$78.7 million), marking a 72.2 percent increase from the same period last year. The company, known for its power device solutions, also revealed a significant rise in operating income and sales for the April-June period.
According to Yonhap News Agency, LS Electric's operating income for the quarter was 178.5 billion won, representing an increase of 64.4 percent from the previous year. Additionally, the company's sales climbed by 32.2 percent, reaching 1.57 trillion won. Despite the notable increases in net income and sales, the earnings did not meet market expectations, as the average estimate for net profit by analysts was 124.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.