Ilsung Construction일성건설

Ilsung Construction posted a thin trailing profit on shrinking revenue, carries heavy debt, and its shares have fallen over the past year.

Ilsung Construction is a Korean general contractor with civil engineering, building and overseas road projects. Its trailing twelve-month figures to H1 2026 show revenue of ₩415B, operating income of ₩9B and net income of ₩4B, after a large loss in 2024. Liabilities are about 4.5 times equity and free cash flow is negative.

What stands out

• Trailing revenue is ₩415B, and 2025 revenue fell 9.5% from 2024 after a 17.7% drop that year.
• Trailing operating margin is 2.2% and net margin is 0.9%, which is thin for a contractor.
• Borrowings are ₩153B against cash of ₩14B, and liabilities-to-equity is 446.4%.
• The 2024 filings show an operating loss of ₩44B and a net loss of ₩58B, which the data does not explain further.
• Recent filings are mostly major sales or supply contracts and amendments, plus debt guarantee decisions for another party.

What to watch

• The next half-year or annual filings, to see whether revenue and margins hold up and whether free cash flow turns positive.
• Further debt guarantee decisions and contract amendments, which may indicate the scale of ongoing obligations.
• The data includes no news headlines, so the reasons behind recent contract activity and the share price decline are not covered here.