Ssangyong Motor, Disclaimer on Semiannual Report... Stock Trading to Resume from the 19th

[Asia Economy Reporter Kiho Sung] Ssangyong Motor has recorded losses for 14 consecutive quarters, and Samjong Accounting Corporation has refused to express an audit opinion.

Ssangyong Motor disclosed this information on the Financial Supervisory Service's electronic disclosure system on the 15th. Samjong Accounting Corporation decided to refuse an opinion on the semi-annual report due to "uncertainty about the going concern assumption." Ssangyong Motor also received a refusal of audit opinion on its quarterly report for the first quarter. The company recorded an operating loss of 117.1 billion KRW in the second quarter of this year, continuing its 14-quarter streak of losses.

Following the refusal of audit opinion, trading related to the disclosure will be suspended from 3:19 PM on the same day until 9:00 AM on the 19th, according to the disclosure regulations of the Korea Exchange.

The company stated, "We will actively reflect the auditor's pointed issues and aim to resolve them and obtain an appropriate opinion in future audits."

With the refusal of opinion continuing through the semi-annual report following the first quarter, Ssangyong Motor has met the criteria for designation as a management item. This is expected to further exacerbate Ssangyong Motor's management difficulties.

This content was produced with the assistance of AI translation services.