PSTech, a specialized company in measuring and metering instruments (CEO Hwang Jaeyong), announced on the 21st through a public disclosure that it has been removed from the ‘Investment Warning Item’ list.
PSTech submitted an audit report with an ‘unqualified’ opinion on its internal accounting control system to the Korea Exchange last year, and as a result of the review, it was removed from the ‘Investment Warning Item’ list. Previously, although PSTech received an ‘unqualified’ audit opinion on its 2021 financial statements in March last year, it was designated as an investment warning item due to an ‘adverse’ opinion on its internal accounting control system.
PSTech explained that it has been conducting consulting with a professional accounting firm since last year to improve accounting transparency and strengthen the internal accounting control system, and as a result of efforts such as reinforcing accounting personnel and accounting systems, it was able to receive an ‘unqualified’ opinion.
A PSTech official stated, “As management transparency has improved through the enhancement of the internal accounting control system, we plan to ensure that no further issues related to audit reports arise through continuous management,” and added, “By resolving the risk of being an investment warning item, starting this year, we intend to create a full-fledged growth trend not only through the growth of our existing core business in the power equipment division but also through the expansion of new businesses.”
In a public disclosure last February, PSTech announced that its consolidated sales for 2022 recorded 70.9 billion KRW, a 23.1% increase compared to the previous year, and stated that it will strive to improve profitability this year through the expansion of new businesses such as renewable energy.
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