Sangji Construction Posts Q1 Consolidated Net Loss; Credit Rating Upgrade Amid Heavy Debt
Consolidated Q1 revenue up to KRW 3.63 billion (vs KRW 2.28 billion in prior-year Q1), but operating loss of KRW 1.72 billion and net loss of KRW 1.54 billion (EPS -KRW 226) continue
Separate Q1 operating profit of KRW 0.31 billion, net profit of KRW 1.11 billion (EPS KRW 163), turning to black
Credit rating upgraded from BB+ to BBB- in April 2026 (by SCI)
Consolidated debt-to-equity ratio rose to 121.47% (year-end 116.40%), net debt-to-equity ratio 92.06%, worsening financial burden
Provides joint guarantee of KRW 100.8 billion for subsidiary Caelum Dosan PF loan (loan balance KRW 68.3 billion)
Two pending lawsuits as defendant: defect lawsuit (KRW 150 million) and objection in French court
Rights offering announced on May 8, 2026 for operating funds (after reporting date)
No dividends due to unavailability of distributable profits