HBL Corporation Swings to Profit in Q1 with 712% Revenue Surge

Separate Q1 revenue KRW 6.32bn (712% YoY increase from KRW 0.78bn)
Operating profit KRW 178mn; net profit KRW 313mn (swing from net loss of KRW 1.25bn YoY)
Consolidated net profit KRW 307mn; basic EPS KRW 13 (vs -KRW 54 YoY)
Order backlog KRW 12.1bn, driven by robust demand in battery and automotive equipment
Won national project from Korea AeroSpace Administration (microwave radiometer, total KRW 11.7bn, company share KRW 3.8bn)
Debt-to-equity ratio 31%, net debt-to-equity ratio 4%; improved financial structure
Credit rating maintained at BBB- (Korea Data) with some BB ratings mixed
R&D expenditure KRW 570mn (9% of revenue) continued investment
Contract asset impairment allowance at 32.8% (high) but trade receivable allowance at 5.5% manageable