Yeon E&B T submits 'appropriate' audit report... "Investment attraction progressing smoothly"

[Asia Economy Reporter Jang Hyowon] Yeon E B&T announced on the 18th that it has submitted the audit report and business report for last year, which had been delayed. The audit opinion was unqualified.

Yeon E B&T has major business sites in China and Vietnam, causing delays in the audit due to COVID-19. The Financial Services Commission's Securities and Futures Commission accepted an exemption from penalties for late submission of the business report, extending the submission deadline to May 17.

Last year's consolidated sales amounted to 267.2 billion KRW, down 15.5% from the same period last year due to the impact of COVID-19, and operating profit decreased by 87.3% to 1.5 billion KRW. Net loss for the period turned to 92.4 billion KRW.

A company official stated, "The submission of this unqualified audit report has resolved uncertainties," adding, "Investment attraction such as the issuance of convertible bonds and third-party allotment rights, which had been delayed, is expected to proceed normally, and we anticipate accelerating entry into new businesses."

Yeon E B&T is an EMS (Electronic Manufacturing Services) specialist supplying Samsung Display and Japan's Kuroda. In December last year, the management was replaced, and at an extraordinary general meeting, a business purpose related to the bio-industry was added to announce plans for new business ventures. At the regular general meeting in March this year, the company changed its trade name from IM Iyeon E to Yeon E B&T to enhance corporate image and support new business entry.

Meanwhile, Yeon E B&T recorded consolidated sales of 60.7 billion KRW in the first quarter of this year, up 1.79% from the same period last year, with operating profit and net profit turning positive at 1.3 billion KRW and 6.9 billion KRW, respectively.

A company official said, "Sales and operating profit decreased in the first half of last year due to factory closures caused by COVID-19, but performance returned to normal trajectory after the second half," adding, "With increasing demand for displays, sales recovery is expected this year."

He further added, "The net loss last year was an accounting result from the fair value evaluation of the entertainment business division, which is a new business we are pursuing, and it was not an actual cash outflow loss."

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