Ildong Pharmaceutical improved its profitability in the company’s performance results for 2023.

Ildong Pharm disclosed its preliminary performance results for 2023 through a public announcement on Monday. The bottom lines showed that the company showed positive changes in operating income and net income despite a slight drop in sales.

According to the disclosure, Ildong Pharm's sales totaled about 599.5 billion won ($449.3 million), down 6.0 percent from the previous year’s 637.7 billion won.

However, its operating loss was about 53.3 billion won, improving by 27.4 percent, or 20.2 billion won, from the previous year’s loss of 73.5 billion won. Net loss was 69.5 billion, marking a 51.1 percent improvement from the previous year's 144.2 billion.

Total assets were 623.8 billion, a slight decrease from the previous business year, while total liabilities and total equity also decreased.

However, the operating results are unaudited by the external auditor and are subject to change based on the results of the external auditor's audit and approval by the general meeting of shareholders, Ildong Pharm said.

The company cited "improved profitability through management renovation in 2023" as the main reason for the profit and loss structure change.

The Ildong Pharmaceutical Group, led by Ildong Pharm, announced the renovation plan last year and received applications for ERP (voluntary retirement program from its staff members at the deputy general manager level and above.