After being designated as an issue under management, Soosung Webtoon(084180) jumped straight to the daily upper limit in early trading after it released first-half results.
As of 9:35 a.m. on the 14th, Soosung Webtoon was trading at 672 won on the KOSDAQ market, up 155 won (29.98%) from the previous session.
Soosung Webtoon said that on a consolidation basis for the first half of this year, it posted revenue of 47.2 billion won, operating profit of 2.3 billion won, and net profit of 150 million won.
Operating profit rose 7.2% from 2.1 billion won in the same period last year. Net profit swung to a surplus from a 320 million won loss in the first half of last year.
Second-quarter results also improved. Second-quarter consolidation operating profit came to 1.8 billion won, and net profit turned to a surplus of 830 million won. In the first quarter, it had posted a net loss of 680 million won.
The financial structure also improved in part. On a consolidation basis, cash and cash equivalents increased to 7.9 billion won at the end of the first half of this year from 6.3 billion won at the end of last year. In July, it fully repaid its existing convertible bonds, which the company said reduced the potential for equity dilution from future share conversions.
However, Soosung Webtoon is currently designated as an issue under management. A new reason for the designation was recently added, and despite the surge that day, the share price is still below 1,000 won. As of 9:35 a.m., its market capitalization is about 12.1 billion won. After it withdrew a planned paid-in capital increase recently, whether it will be designated as a company with unreliable disclosures is also under review.
A Soosung Webtoon official said, "The key achievement in the first half was maintaining sales steadily while boosting profitability," adding, "We will continue expense efficiency and financial structure improvements to steadily maintain a consolidation-based surplus trend and enhance corporate value."