Seoul Food Industrial: Q1 Operating Loss Narrows but Still in Red, Debt Ratio Rises

Revenue 15.05 billion won, down 7.7% YoY (from 16.31 billion)
Operating loss 1.22 billion won, narrowed from 4.77 billion loss in prior year
Net loss 4.85 billion won, improved from 8.05 billion loss
Debt ratio 177.87% (up from 172.03% at year-end)
Cash and equivalents 7.31 billion won, sharply up from 3.16 billion
Issuance of 4.375 million new shares from CB conversion; new CB issued (15 billion won, conversion price 146 won, potential dilution 2.62%)
Environmental segment operating profit 0.14 billion; Baking segment operating loss 0.26 billion
Allowance for doubtful accounts 4.06 billion won (30.6% of trade receivables)
No dividend, accumulated deficit 25.11 billion won

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