Cosnine, Semi-Annual Report Audit Opinion 'Unqualified'... "Full-Scale Lithium Distribution in Second Half"

Kosnine announced on the 16th that it received an audit opinion of 'unqualified' from Samdo Accounting Corporation for its semi-annual report this year.

A company official stated, "We have fully repaid 13.9 billion KRW in liquidity loans with an annual interest rate of 9.5% for the first half of the year, and through the exercise of convertible bond conversion rights in July, we are lowering our debt ratio," adding, "We have also secured investment funds to expand the new lithium distribution business."

Kosnine's sales for the first half of the year increased by 34.5% compared to the same period last year, reaching 4.5 billion KRW. Operating loss was recorded at 3.7 billion KRW, narrowing the deficit.

Kosnine emphasized, "Although we reduced administrative expenses by 20% through cost control in the first half, the increase in cosmetic commission fees had an impact," and added, "Performance is expected to improve as lithium distribution becomes full-scale from the second half."

Meanwhile, on the 21st of last month, Kosnine established its subsidiary Green Energy Innovation and is promoting new businesses in lithium distribution and solar power in China. It signed a letter of intent for lithium carbonate supply with Shandong Nanbeiji New Energy Co., Ltd. and Shandong Nanbeiji New Energy Co., Ltd. It is also in supply-related discussions with the Qingxin Group. The company plans to expand lithium carbonate sales targeting domestic large corporations.

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