Profitability has improved Through International expansion
YONGIN, South Korea, July 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 June 30, 2019.
Key Figures
Q2 2019(1)
Growth(1)
Total revenues
KRW 359.6 billion
+5.2%
Operating profit
KRW 19.6 billion
+47.5%
K-IFRS profit after taxation
KRW -15 billion
NA
(1) Results and percentages compare to equivalent 2018 period.
Financial Highlights
Delivered total revenues growth of 5.2% KRW 359.6 billion (Q2 2018: KRW 341.8 billion), all entities revenues grew plus compare to equivalent 2018 period.
Operating profit increased 47.5% to KRW 19.6 billion (Q2 2018: KRW 13.3 billion), primarily due to a growth by international expansion of vaccine and plasma products.
One-off costs impacted on net income, resulted from not only losses on valuation of financial assets due to overall bear stock market, but also to irregular costs in consolidated results, which comprises GreenCross MS recorded impairment losses of KRW 5 billion and KRW 5.9 billion penalties from local antitrust regulator.
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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Source: prnasia