[Market Focus] Korea Zinc Surges Over 9% on Strong Earnings and Treasury Share Cancellation Plan

Korea Zinc is showing strong performance due to its solid first-quarter results this year and its plan to cancel treasury shares.

As of 9:33 a.m. on May 9, Korea Zinc was trading at 863,000 won on the Korea Exchange, up 72,000 won (9.10%) from the previous day.

On the previous day, Korea Zinc announced in a regulatory filing that its consolidated operating profit for the first quarter of this year was provisionally tallied at 271.1 billion won, a 46.9% increase compared to the same period last year. During the same period, revenue rose 61.4% to 3.8328 trillion won. For the first quarter, this represents the second-highest operating profit in the company's history and the highest revenue ever recorded.

In addition, on the previous day, Korea Zinc held a board meeting and decided to cancel all 2.04 million treasury shares it acquired through a public tender offer last year, in order to defend against MBK Partners and Youngpoong's attempts to acquire management control. This amount corresponds to 9.85% of the total shares issued. The total amount scheduled for cancellation is 1.8156267 trillion won.