All consolidated entities revenues grew plus compared to prior year
YONGIN, South Korea, Feb. 12, 2020 /PRNewswire/ — GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited results for the year ended 31 December 2019.
Full Year 2019(2)
KRW 1,369.7 billion
KRW 40.3 billion
K-IFRS profit after taxation
KRW -11.3 billion
(1) Consolidated(2) Results and percentages compared to the full financial year 2018
Delivered total revenue growth of 2.6% KRW 1.37 trillion (2018: KRW 1.33 trillion), all consolidated entities revenues grew plus compared to equivalent 2018 period.
Operating profit decreased 19.7% to KRW 40.3 billion (2018: KRW 41.9 billion), primarily due to an impact of investment in R&D and SG&A.
One off costs – including corporate tax bill and VAT result in regular tax investigation, evaluation loss of stock investment, impairment losses of tangible asset and penalties from local antitrust regulator related to subsidiary, Green Cross MS, and impairment losses of intangible assets – impacted on after tax profits, expected to progressively ease over the course of 2020.
About GC Pharma
GC Pharma is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in South Korea, GC Pharma is the largest plasma protein product manufacturer in Asia and has been dedicated to quality healthcare solutions more than half a century. Green Cross Corporation updates its corporate brand as GC Pharma in early 2018. Green Cross Corporation remains the company’s registered, legal name.
This release includes forward-looking statements, which express the current beliefs and expectations of GC Pharma’s management. Such statements speak only as of the date on which they are made and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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