StarFlex Reports Surge in Q1 2026 Consolidated Net Profit and Improved Financial Structure

Consolidated Q1 2026 revenue KRW 245.6bn (up 6.8% YoY), operating profit KRW 1.4bn (vs KRW 1.15bn), net profit KRW 4.51bn (vs KRW 0.79bn, +469%). Net profit surge driven by non-operating gains including FX gains.
Debt ratio improved to 34.9% from 39.0% at year-end 2025; interest coverage ratio rose to 9.47x (from 6.52x). Strengthened financial health.
Dividend of KRW 789mn recorded as dividends payable (2025 year-end dividend). Dividend per share not disclosed.
Capital surplus reduced by KRW 10bn and transferred to retained earnings (resolved at March 2026 AGM). Capital restructuring.
Risks: Large allowance for bad debts on STARFLEX VIETNAM receivables (KRW 16bn out of KRW 17.2bn). The company is debt-heavy.