Profitability is expected to improve from Q2 and on
YONGIN, South Korea, April 30, 2019 /PRNewswire/ — GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited results for the three months ended March 31, 2019.
KRW 286.8 billion
KRW 1.4 billion
K-IFRS profit after taxation
KRW 5.3 billion
(1) Results and percentages compare to equivalent 2018 period.
Delivered total revenues of KRW 286.8 billion (Q1 2018: KRW 294.1 billion), decline of company sales impacted by the termination of the local distribution agreement related to insulin in-licensed products.
Operating profit decreased 90.5% to KRW 1.4 billion (Q1 2018: KRW 14.5 billion), primarily due to an increase in R&D expenses and lower sales of varicella vaccine in LATAM.
EC Huh, Ph.D., GC Pharma President commented:
"Q1 results, as a temporal negative effect from anticipated weaker international vaccine sales, seem unlikely to have a significant impact on the annual plan. Profitability is expected profoundly improve from Q2 as foreseeable strong performance of core businesses in LATAM."
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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