LIG D&A posts 30% rise in Q2 operating profit

LIG Defense & Aerospace (LIG D&A) disclosed preliminary earnings Thursday showing second-quarter sales of 1.11 trillion won ($779 million) and operating profit of 105.7 billion won.

Second-quarter sales rose 17.4 percent from 945.4 billion won a year earlier, while operating profit climbed 29.5 percent from 81.6 billion won. The company's order backlog stood at 24.57 trillion won.

Sales growth was driven largely by the guided-weapons segment, boosted by mass production of the Cheongung-II air defense system, with additional gains across avionics and electronic warfare and intelligence, surveillance and reconnaissance.

"We recently opened a Latin America representative office in Peru and signed a strategic cooperation agreement with Britain's Babcock to strengthen our competitiveness and sustain growth in export markets," a company official said. "We are also expanding our business scope, including launching development of an unmanned surface vessel for water rescue as part of a civil-military technology cooperation project led by the Civil-Military Technology Cooperation Center."