LG CNS Co., unlisted IT service unit under South Korean conglomerate LG Group, reported best first-quarter earnings after winning a series of financial data management platform projects, raising expectation for its plan to go public.

The company disclosed Monday that it registered 54.4 billion won ($48 million) in operating income for the first quarter ended March. The figure, up 123 percent from a year earlier, is the highest for a first quarter. Sales expanded 18 percent to 754.5 billion won over the same period.

The IT service provider has been winning a series of so-called My Data project, which is to integrate personal data stored at financial institutions and companies into a single platform for one-stop management. The company secured orders to build My Data platform for Shinhan Card and Woori Bank in January, and another My Data project from Shihan Card in April. It also won a deal to set up next-generation information system for Shinhan Bank last month.

Its cloud service is also doing well. LG CNS is leading LG Group’s digital transformation project, which is to convert IT systems of LG companies to cloud-based systems by 2023.

Outside the group, the company provides managed cloud service for Korean Air Lines. The company aims to expand its market presence with upgraded service offerings such as a professional cloud security service.

LG CNS also plans to cement its leadership in smart logistic service business. Last year, it became No. 1 logistics automation service provider in Korea by winning 30 percent of the market.

By Hong Sung-young and Cho Jeehyun

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