Daol Investment & Securities (CEO Hwang Junho) achieved a turnaround in its performance by posting a standalone operating profit of KRW 12.6 billion and a net profit of KRW 10 billion in the first quarter. These figures represent increases of 44.5% and 20.8%, respectively, compared to the same period last year.
On a consolidated basis, the company also succeeded in turning a profit for the quarter, recording an operating profit of KRW 6 billion and a net profit of KRW 9.5 billion. This is significant as the company has ended a prolonged period of losses caused by provisions related to real estate project financing (PF) and an unfavorable market environment, and has now returned to profitability.
A Daol Investment & Securities representative stated, "We have significantly reduced our exposure and provisions related to real estate PF, and our business capabilities are in the process of normalizing, focusing on bond sales and corporate sales." The representative added, "Recurring profit has consistently remained in the black, and in some real estate PF projects, there have even been reversals of provisions." The company further commented, "With this return to profitability as a turning point, we will make every effort to expand our business foundation and profits for sustainable growth going forward."
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