Heerim Q1 consolidated operating profit down 52%, net debt surges

Consolidated Q1 FY37 revenue KRW 59.67bn (vs 57.3bn, +4.1%), operating profit KRW 1.16bn (vs 2.41bn, -52%), net profit KRW 0.32bn (vs 0.96bn, -67%)
Separate revenue KRW 59.66bn, operating profit KRW 1.38bn, net profit KRW 1.03bn
Order backlog KRW 1,167.6bn, up from KRW 1,113.7bn at year-end
Debt ratio improved slightly to 137.28% (from 142.07%), but net debt surged to KRW 23.3bn from KRW 0.42bn
Short-term borrowings KRW 20bn (vs 18bn), cash and equivalents KRW 9.49bn (vs 31.4bn) indicating liquidity decline
Allowance for bad debts KRW 38.6bn (vs 36.9bn) due to increased trade and unbilled receivables
Equity method loss of KRW 0.49bn from associate DHR Cheongdam
18 pending lawsuits (including LH, Harim), total claims approx. KRW 8bn as defendant
Treasury share ratio reduced to 7.23% (from 9.32%); no separate shareholder return plan disclosed
R&D expense KRW 2.75bn (4.61% of revenue), developing robot-friendly building technologies