Eehwa Construction이화공영

Eehwa Construction is loss-making on a trailing basis, is under a KOSDAQ listing-eligibility improvement process, and has seen its revenue shrink for several years.

Eehwa Construction, a Korean general contractor, reported trailing twelve-month revenue of ₩84.3B to H1 2026 with an operating loss of about ₩476M and a net loss of about ₩1.8B. Its balance sheet is stretched, with liabilities at 201% of equity, and free cash flow was negative at about -₩7.9B. Filings show the company is in a KOSDAQ improvement period and a trading halt was recorded in July 2026.

What stands out

• Revenue has fallen from ₩195B in 2021 to ₩115B in 2025 and the trailing figure is ₩84.3B, so the top line has been shrinking for several years.
• 2025 was the only recent year with a profit (operating income ₩3.3B, net income ₩2.1B), but the trailing period is back in loss.
• 2024 showed a large loss (net loss about ₩23.1B), and the company's ROE was -87.6% that year.
• Cash of ₩3.6B against borrowings of ₩5.2B and negative free cash flow point to limited financial flexibility.
• Filings from July 2026 include a trading halt, a KOSDAQ committee resolution granting an improvement period, and a Material Improvement Plan tied to listing eligibility review.

What to watch

• The KOSDAQ improvement period and the company's improvement plan, including any further exchange decisions on listing eligibility.
• The full-year 2026 results and whether the company returns to operating profit given the trailing losses.
• Any new contract filings and funding or borrowing developments, since the data shows negative free cash flow and high leverage.