Taihan Cable posts highest first-half operating profit in 20 years
Ik-Hwan Kim
Aug 11, 2023 (Gmt+09:00)
A view of Taihan Cable's Dangjin plant South Korea's Taihan Cable & Solution Co. announced on Friday that its consolidated operating profit for the first half of this year reached 41.7 billion won ($31.5 million), marking a 62% increase compared to the same period last year.
This achievement represents the company's highest performance in two decades since 2003. Furthermore, Taihan Cable has already achieved over 80% of its annual operating profit from the previous year, which was 48.2 billion won, during the first half.
The company's sales reached 1.46 trillion won, reflecting a 19% increase. Its net profit surged by 1,479% to 22.1 billion won. The company attributes its strong performance to the expansion of high-margin product sales through increased new orders.
In its efforts to expand in the global market, Taihan Cable has established regional branch offices and focused on securing high-margin product orders. Moreover, the global demand for replacing aging power grids and increased investments in renewable energy have brightened the outlook for the cable industry worldwide.
"We will establish a foundation for sustained growth through the expansion of strategic product orders, such as submarine cable plant construction, global production localization and high-voltage direct current (HVDC) cables," said an official from Taihan Cable.