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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] olmar Korea has formally protested to Toss Securities over an earnings disclosure error and demanded measures to prevent a recurrence.
According to industry sources on May 12, Kolmar Korea sent an official letter expressing regret over the incorrect reporting of its first-quarter results on Toss Securities’ mobile trading system (MTS) on May 8, and requested a clear explanation of the cause.
Toss Securities mistakenly displayed Kolmar Korea’s standalone revenue of KRW 343 billion instead of its consolidated revenue of KRW 728 billion. Operating profit was also incorrectly listed at KRW 51.2 billion instead of the consolidated figure of KRW 78.9 billion.
The error caused confusion in the market, triggering sell-offs by investors who misinterpreted the company’s performance as weak, despite it actually recording its highest-ever quarterly revenue.
Toss Securities is also reported to have made a similar disclosure error in the third quarter of last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
