Daewon Co., Ltd. 2026 Q1 Results: Revenue Decline and Debt Ratio Rise, Dividend Maintained

Consolidated revenue KRW 28.99 billion (down 20.8% QoQ from KRW 36.60 billion), operating profit KRW 0.41 billion (sharp drop from KRW 13.61 billion)
Net profit KRW 2.49 billion (up from KRW 0.47 billion YoY), aided by tax refund
Debt ratio 88.03% (FY-end 82.41%), net debt ratio 61.65% (FY-end 54.07%) — increased financial leverage
Dividend: KRW 200 per share cash dividend (total KRW 2.64 billion), maintaining shareholder return
Order backlog KRW 197.0 billion (down from KRW 218.3 billion at FY-end), weakening future revenue outlook
Allowance for doubtful accounts KRW 111.0 billion (high relative to trade receivables), inherent credit risk
Litigation: KRW 3.0 billion claim as defendant (Wonju Cantavil), KRW 9.48 billion claim as plaintiff (Jeju Ocean Suite) ongoing