Soosan Int 2026 Q1: Net Profit Down, Risk Highlighted by Increased Allowance for Bad Debts

Q1 revenue KRW 6.63bn (down 6.4% from prior quarter KRW 7.08bn)
Q1 net profit KRW 1.23bn (down 27.5% from KRW 1.70bn in Q1 2025)
Operating profit KRW 0.46bn (operating margin 7.0%)
Financial income (including valuation gains) of KRW 1.21bn included; actual operating profit weak
Allowance for bad debts on related party loans: KRW 3.36bn out of KRW 3.80bn (77.5%)
Allowance for trade receivables: 14.9% (vs 12.0% at end of 2025)
Debt ratio 9.7% (vs 8.1%)
Cash and cash equivalents KRW 2.92bn, short-term financial instruments KRW 27bn
Dividends payable KRW 2.11bn (vs KRW 0.22bn) → dividend to be paid
No share buyback or cancellation
R&D expenses KRW 1.15bn (17.4% of revenue)
Contingent liability related to Grand Cruise: KRW 3.80bn (funding commitment)