Concern over regulatory filings
Many local companies are still issuing misleading financial information to the local stock market, according to the top local financial regulator yesterday.The Financial Supervisory Service said in its electronic data system, called DART, a total of 1,354 listed companies said in 2008 regulatory filings through Friday that their sales or net profits rose by at least 30 percent last year from a year earlier. But 477, or 35.2 percent, later lowered the figures in revised regulatory filings, the watchdog said.
Among the companies that revised the figures, 184 are listed on the benchmark Kospi while 293 are on the secondary Kosdaq.
The margin of the revision was insignificant for most of the companies, the service said, but some that initially reported a surplus turned out to be in the red.
For instance, Sunyang DNT, a Kosdaq-listed mold manufacturer, said in a Feb. 29, 2008 regulatory filing that its operating profit last year was 2 billion won ($2 million), then its March 13, 2008 filing said the company posted a 7.3 billion won operating loss last year.
By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]
with the Korea JoongAng Daily
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