Suseong Salbasion has launched a campaign to appease its shareholders. According to the company, there are no issues with the management environment or audits, and the recent situation is a temporary phenomenon due to a one-time increase in expenses.
On the 24th, Suseong Salbasion posted a shareholder letter on its website to explain the recent sharp decline in its stock price.
CEO Kim Deokjin stated, “The recent stock price drop is not due to any significant changes in our management environment,” adding, “It is caused by the sale of shares by major shareholders.”
He continued, “Last year’s operating loss in sales was due to a one-time increase in expenses, and it was resolved through restructuring of loss-making subsidiaries.”
Regarding rumors about the audit opinion, he clarified, “The audit of the individual financial statements was completed without any disagreements,” and “The audit of the consolidated financial statements is currently underway, and there are no issues that would affect the audit opinion.”
Meanwhile, Suseong Salbasion’s consolidated sales last year amounted to 52.344 billion KRW, a 46% increase. A company official said, “Despite the one-time increase in expenses, the operating loss has decreased compared to the previous year,” and forecasted, “This year, record-high sales are expected due to increased sales of our core logistics equipment business and strong sales of the respiratory virus preventive product ‘Kobixil.’”
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