Yooshin TNS: Operating profit surges 223% but net profit down 33% due to lower equity method gains; Seohee Construction risk and high credit loss provisions remain

Consolidated Q1 2026: revenue KRW 132.3B, operating profit KRW 9.3B (up 223% YoY from KRW 2.9B), driven by improved transportation margins
Net profit KRW 7.4B (down 33% YoY from KRW 10.6B) due to sharp decline in equity method gains (KRW 33.0B to KRW 7.8B)
Debt ratio improved to 16.98% (from 17.38% at year-end), total equity KRW 561.5B
Separate: operating profit KRW 8.8B (up 197% YoY), net profit KRW 7.8B (up 77% YoY)
Key associate Seohee Construction (40.69% stake, book value KRW 450.4B) under trading halt and eligibility review due to embezzlement allegations
Six ongoing lawsuits (aggregate claim KRW 9.4B); loss in Incheon port case led to KRW 0.33B provision
High credit risk: trade receivables allowance KRW 4.5B (32.8%), other receivables allowance KRW 7.7B (38.1%)
Capital surplus reduction of KRW 40B approved (transferred to retained earnings)
Treasury shares 4.56M (12.28%), no dividends