Busan Jugong: Q1 Operating Loss, Ongoing Delisting Risk, Asset Sale Underway


  • Q1 2026 revenue 50.88 billion KRW (down 7.3% YoY), operating loss 0.8 billion, net loss 2.41 billion (wider loss vs Q1 2025 net loss 1.44 billion)
  • Debt ratio 825.9% (still high) but capital increased to 23.95 billion via Feb third-party rights offering (14M shares, ~70 billion); CEO stake rose to 22.81%
  • Credit rating B- (NICE) unchanged for 3 years
  • Signed asset sale contract (land & buildings) to Edge On Data for 70 billion (book value 61.5 billion), balance due June 15. However, prior buyer M J Y Partners obtained preliminary injunction blocking disposal
  • Delisting decision suspended via court injunction (Nov 2025); stock trading still halted. Company pursuing asset sale and capital increase for normalization
  • Accrued revenue 9 billion fully impaired, prepayments 3.1 billion (Eptek) fully impaired
  • Ongoing litigation for serious accident (no provision), assets seized by Busan city due to unpaid subsidy clawback

KOSPI Filing Information


  • Filing: Quarterly Report (2026.03)
  • Company: Pusan Cast Iron (005030)
  • Submission: Pusan Cast Iron Co., Ltd.
  • Receipt: 05-15-2026