Dongwon Fisheries Q1 2026: Profit Improves but Sales Drop and High Debt Ratio Persist

Consolidated revenue: 39.8B KRW (down 5.2B YoY, -11.7%), operating profit: 3.6B (YoY: 2.2B → 3.6B, +64%), net income: 3.2B (YoY: 1.8B → 3.2B, +78%)
Separate revenue: 23.2B (YoY: 24.6B), operating profit: 1.2B (YoY: 1.0B), net income: 3.2B (YoY: 1.8B)
Consolidated EPS: 695 KRW, separate EPS: 678 KRW
Consolidated debt-to-equity ratio: 138.7% (total liabilities 84.57B / equity 61.0B)
Consolidated borrowings: 55.23B (short-term 23.98B, long-term 16.3B)
Cash and cash equivalents: 13.8B (down from 21.2B at year-end)
Inventories: 49.5B (up from 39.7B at year-end)
Subsidiary DW New Zealand acquired a used trawler (US$10M), expected to begin operations in H2 2026
No dividend or share buyback related disclosures