Chethanol Q1 2026: Consolidated Operating Profit 42.6B KRW, Financial Structure Continues to Improve


  • Consolidated: Revenue 283.1B KRW, Operating Profit 42.6B KRW, Net Income 33.9B KRW (controlling interest 34.7B KRW).
  • Main alcohol segment (separate): Operating Profit 46.5B KRW, stable profitability; fermentation alcohol utilization rate 71.4% improved from 68.6%.
  • Cash & cash equivalents 116.4B KRW (up 49.3B from 67.1B at year-end); net debt 200.7B KRW (down 63.0B from 263.6B); gearing ratio 12% (15% at year-end).
  • All subsidiaries (energy, engineering, trading, others) continue to post operating losses; CHANGHAE VIETNAM JSC has negative equity (net assets -0.7B KRW).
  • Equity method gain from associate Bohae Brewery: 0.25B KRW.
  • No disclosure on dividends or share buybacks/cancellations.
  • Goodwill of 46.9B KRW (consolidated) remains on books.

KOSDAQ Filing Information


  • Filing: Quarterly Report (2026.03)
  • Company: Changhae Ethanol (004650)
  • Submission: Changhae Ethanol Co., Ltd.
  • Receipt: 05-15-2026