À̹ÌÁö È®´ë LS Cable and System Asia said on Wednesday that its subsidiary LS-VINA Cable & System Joint Stock Co. has signed a 36.76 billion won ($34.1 million) contract to supply medium-voltage cables to Meiden Singapore.
The contract value amounts to 9.95 percent of the firm¡¯s 2017 revenue and the contract is valid until December 31, 2022.
LS Cable and System Asia finished Wednesday 1.7 percent up at 7,630 won. The stock price soared to a 52-week high of 8,600 won in intra-day trade on Tuesday.
LS Cable and System Asia is the holding entity overseeing Asian business of LS Cable & System and it went public on the Korean stock market in September 2016.
The company¡¯s first quarter operating profit gained 6.7 percent on-year to 5.26 billion won on a consolidated basis over sales of 95.54 billion won, up 16 percent from a year ago.
Shinhan Investment recently maintained its ¡®buy¡¯ recommendation for LS Cable and System Asia with a target price of 9,000 won, saying the company¡¯s strong performance will continue after the second quarter.
By Hwang Soon-min and Minu Kim
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]