[Asia Economy Reporter Hyunseok Yoo] MedicoX, a KOSDAQ-listed company, announced on the 9th that its sales reached 16.2 billion KRW last year, marking a 57% increase compared to the previous year. During the same period, operating losses widened slightly to 4.3 billion KRW. The audit report, which had raised some concerns in the market, received an 'unqualified' opinion.
A MedicoX representative stated, “Since last year was somewhat turbulent due to management issues, we made efforts to advance the audit and business report disclosure schedules as much as possible to alleviate some unfounded market concerns. Although operating losses increased somewhat due to temporary fixed costs such as depreciation and commission fees alongside new business initiatives, sales have been improving with the recovery of the industry. We are focusing on securing financial soundness with the goal of a turnaround this year.”
MedicoX, which changed to a December fiscal year-end corporation starting last year, had resolved the risk of being designated as a management item by recording an annual operating profit on a separate basis in June 2019. In addition, the company announced that the accumulated penalty points of 4 related to inadequate disclosures were cleared in January, and the remaining penalty points are expected to be cleared by June. The company plans to enhance financial and accounting transparency and improve trading stability.
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