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LIG Nex1 inks $163 mn counter-battery radar system deal

2018.09.03 15:06:12 | 2018.09.03 15:45:07
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[Photo provided by LIG Nex1]

[Photo provided by LIG Nex1]

LIG Nex1, a South Korean aerospace and defense company, announced on Monday it has signed a supply contract connected to the Korean military counter-battery radar system II program.

The contract signed with Defense Acquisition Program Administration is valued at 181 billion won ($163.1 million), which represents 10.3 percent of the company’s revenue last year.

Full rate production should be met by 2020.

A counter-battery radar system for the purpose of enemy field artillery location and acquisition plays a key role as the core element of a brigade or division level counter-battery system.

Prototypes show 30-40 percent better performance and 95 percent in component localization versus imported ARTHUR-K

LIG Nex1 shares gained 2.55 percent and closed at 34,150 won in Seoul trading on Monday.

The company expects large-scale exports will follow after full-rate production as overseas buyers in Europe and the Middle East show a keen interest in the better price and performance of the weaponry.

Meanwhile, LIG Nex1 continued an increase in operating profit in the second quarter after a turnaround in the first quarter. The company posted 13.1 billion won in operating profit over sales of 363.3 billion won in the Apr.-Jun. period.

Sales were down 17.2 percent from a year ago with operating profit down 47.3 percent. But from the previous quarter, operating profit increased 52 percent in the second quarter.

By Moon Ji-woong and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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