2026 Q1 Results: Revenue Plunges on Restructuring, Operating Profit Falls but Net Profit Surges on Non-Operating Gains; High Debt and Convertible Bond Dispute Pose Risks
Consolidated revenue: 10.76bn KRW (down 45% vs prior quarter due to Vietnamese subsidiary sale)
Operating profit: 0.51bn KRW (down from 0.77bn; edutech segment turned to loss)
Net profit attributable to parent: 0.59bn KRW (surge from 0.02bn on derivative gains, FX gains)
Precision chemicals: operating profit 0.96bn (up from 0.70bn, strong)
Edutech: operating loss of 0.04bn (vs profit of 0.79bn)
Debt ratio: 140.5% (year-end 135.9%), total borrowings 23.4bn KRW
Dispute over early redemption of convertible bonds (2.85bn KRW) under provisional attachment, recognized as liability
No dividends or share buyback
Credit rating: B- (2021, NICE D&B)
Sale of SD GLOBAL VIETNAM completed; business restructuring ongoing
Fire incident insurance claim pending (amount uncertain)