CuroHoldings Q1 operating profit turns to 1.7 billion won but net loss 15.6 billion won persists, weak financial structure

Q1 consolidated revenue KRW 15.1bn, operating profit KRW 0.17bn (vs operating loss of KRW 9mn in prior quarter), but net loss continues at KRW 1.56bn
Debt ratio 249.66% (improved from 340.64% year-end but still high), net debt ratio 130.34%
Total borrowings of KRW 37.2bn including KRW 15bn in convertible bonds, heavy reliance on related party loans
Key subsidiaries fully capital impaired: Eightworks, CuroTraders, Qbit
Market cap approx. KRW 18.8bn, below KRW 30bn threshold for delisting risk
Post-report: 5:1 stock split, 302,287 shares third-party allotment, conversion of 17th CB into borrowings
US lawsuit: final judgment against Woollim entities, enforcement action against director Lim with auction underway