Flask플래스크

Flask is loss-making at the operating line in the first half of 2026, though net income was positive on non-operating items.

Flask is a small Korean construction and interior design company that also runs a game channeling business. On a trailing basis to H1 2026 it reported revenue of ₩18.6B, an operating loss of about ₩0.4B and net income of ₩3.2B, with ₩16.2B in cash against ₩0.7B of borrowings. The market value is about ₩116B at ₩2,370 per share.

What stands out

• Trailing operating margin is -2.3% and net margin is 17.3%, so the reported profit depends on items outside core operations; the data does not explain what drove it.
• Full-year 2025 revenue was ₩18.0B, down slightly from ₩22.8B in 2023 when losses were much larger, and 2025 still had an operating loss of ₩2.0B.
• Annual results from 2021 to 2024 show repeated large operating and net losses, with net loss of ₩37.5B in 2023 and ₩5.6B in 2024.
• Liabilities are 12.1% of equity and cash exceeds borrowings by a wide margin, so debt does not look like the main pressure point in the data.
• Trailing P/E is 36 and P/B is 2.8, well above several listed construction peers such as Hyundai E&C (P/E 23) and GS E&C (P/E 19.3), though peer sizes differ greatly.

What to watch

• A shareholders' meeting has been called with a record date set, and the filings do not state the agenda in the data provided.
• The next half-year or annual results will show whether the operating loss continues and whether net income is repeatable.
• Foreign ownership is only 1.6% and was unchanged over 60 days; the data does not include any analyst views or price targets.