Seoul: LG Innotek Co., a key player in the electronic components sector under the LG Group umbrella, announced a staggering increase in their second-quarter net profit, surging over 2,000 percent compared to the previous year. This remarkable growth is attributed to robust sales in camera modules and semiconductor substrates, marking a significant milestone for the company.

According to Yonhap News Agency, LG Innotek's net profit for the April to June period rose to 245.8 billion won, equivalent to approximately US$169.1 million. This represents a jaw-dropping 2,057.3 percent increase from the same period last year. The company also reported a 40.5 percent year-on-year increase in revenue, reaching 5.53 trillion won, setting a new record for the highest-ever second-quarter sales.

The firm's revenue for the first half of the year broke new ground, achieving 11.06 trillion won and surpassing the 10 trillion won mark for the first time in a first-half period. The sustained demand for mobile camera modules played a crucial role, alongside a strong supply of high-value semiconductor substrates, in driving this unprecedented growth.

In light of the semiconductor boom, LG Innotek is taking strategic steps to enhance its production capabilities. "To respond to surging demand amid the semiconductor boom, we have begun expanding our semiconductor substrate production facility in Vietnam and are also considering additional investments," stated Chief Financial Officer Kyung Eun-kuk. This expansion reflects the company's commitment to meeting increased market demands and securing its position in the competitive semiconductor industry.