Korea Corporation's Return to Profit Marks First Step Toward 'Resuming Transactions'... "Disclaimer of Opinion Is Merely an Accounting Impact"

[Asia Economy Reporter Jang Hyowon] Korea Corporation, a specialized ICT-based contact center company, announced on the 14th through a disclosure released on the 13th that it successfully turned profitable in both operating profit and net profit on a separate basis in the first half of this year.

According to the company, Korea Corporation's operating profit on a separate basis reached approximately 830 million KRW, an increase of 5.33 billion KRW compared to the first half of the previous year.

Net profit recorded a surplus of about 1.15 billion KRW, up approximately 7.64 billion KRW from the previous year, resulting in both operating profit and net profit turning positive.

The company also mentioned that there was a misunderstanding related to the disclosure notation. Due to the audit opinion refusal from the previous year, the current financial statements naturally included a refusal opinion, which some shareholders mistakenly interpreted as an additional refusal opinion, leading to complaints that the company had to address.

Korea Corporation explained that the trading of its shares has been suspended due to the previous year's audit opinion refusal, and until the re-audit of the previous year's financial statements is completed, the refusal opinion will continue to be noted due to limitations in the basic financial statements.

A company representative stated, “The refusal opinion notation in this financial statement was automatically recorded following last year's audit opinion refusal,” adding, “It is simply an effect from the previous period and does not affect the credibility of the financial statements.”

Furthermore, the representative said, “To promptly resume trading, we are steadily following the procedures required by the accounting firm and the stock exchange, including public sale, financial structure improvement, and preparation for re-audit,” and added, “The turnaround to profitability in operating and net profit is the first step and a turning point for the company’s normalization.”