Hankuk Steel Wire: Q1 Operating Profit Surges (8.2B) but Net Loss Due to Derivative Valuation Loss

Consolidated revenue: 66.1B won (vs 53.6B in Q1 2025, +23%), operating profit 8.2B won (vs 0.62B, surge)
Consolidated net loss: 4.0B won (controlling -2.1B) due to derivative valuation loss of 18.0B won (from CB call/put options)
Separate net income: 9.8B won (vs -1.1B), EPS 385 won
Subsidiary HanSun Engineering rights issue: stake diluted from 63% to 56%, non-controlling interest increased by 16.5B won
New subsidiary Fairway Asset Management (80% stake) acquired in March 2026
Debt ratio improved to 111% (from 124% at year-end 2025), total borrowings 146.3B won
Treasury shares: 1,370,054 shares (5.37%), no plan for cancellation or additional purchase
Convertible bonds outstanding: 6.3B won (HanSun Engineering CB), conversion price 8,287 won