LG CNS said on May 17 that it recorded 636.8 billion won ($522 million) in sales and 24.4 billion won ($20 million) in operating profit in the first quarter of this year.
Compared to the same period a year earlier, the figure represents a 3.7 percent increase in sales and 5.6 percent increase in operating profit. In particular, the company posted record-high sales in the first quarter.
An official of LG CNS explained, "In the midst of a crisis triggered by the COVID-19, the new IT technology business centered on the cloud led to such a positive performance."
Currently, LG CNS is pushing for a project to transform more than 90 percent of LG affiliates' IT systems, including LG Electronics, LG Chem and LG Display, into the cloud by 2023. It is also cruising a project to transform Korean Air's enterprise IT system into the AWS cloud.
LG CNS is planning to actively target non-face-to-face markets in the future with its newly introduced “AI Face Recognition Access Control System” and “Face Recognition Payment Service” that combines three new IT technologies: AI, Blockchain, and Cloud.
Recently, LG CNS has emerged as a troubleshooter for its non-face-to-face remote learning platform “EBS Online Class”, showing the side of the strongest IT company. On April 13, EBS asked LG CNS for access problems and login errors. Even though there was no contract with EBS, LG CNS dispatched an architectural optimization team to solve the problem quickly.
Its external businesses such as finance and public services are also off to a good start in the first quarter. It has been selected one after another as the preferred bidder for major IT projects, including Toss Bank's Internet-specialized bank IT system and the Ministry of Health and Welfare's next-generation social security information system.