Iljin Electric's operating profit in the third quarter was 70 billion won... “Increasing overseas orders for cable business”

Iljin Electric announced on the 11th that it recorded sales of 637.6 billion won and operating profit of 70 billion won in the third quarter of this year.

Compared to the same period last year, sales increased by approximately 41.6% and operating profit increased by 98.3%.

As of the third quarter, the order backlog was approximately $2,253.99 million (approximately KRW 3.0492 trillion), of which 69% was in the heavy electrical sector such as transformers and circuit breakers. The overseas and domestic proportions were calculated to be 72% and 28%, respectively.

The company explained that this good performance is due to the increase in demand for power equipment and wires due to the replacement of aging power infrastructure in the United States, expansion of new and renewable power generation in Europe, and construction of a global power grid.

Iljin Electric said, “Sales are continuously increasing in both the heavy electric equipment business and the cable business, and the growth is expected to accelerate due to the increase in overseas orders, especially for the cable business.”

The fourth quarter performance is expected to be good as orders received earlier continue to be shipped.