Hanmi Pharmaceutical said Thursday that it recorded 245.7 billion won ($228.2 million) in sales in the first quarter of this year, a 5.2 percent increase from the same period of 2017.

The company also registered 26.3 billion won in operating profit in the same period, a 16.2 percent decrease from a year ago, while posting 11.2 billion won in net profit, a drastic 54.5 percent drop.

Despite the drop in profit, the company increased its research and development funding to 46.9 billion won, a 10.1 percent increase.

“Besides the drop in operating and net profit, which is due to the increase in our R&D expenditures and the strong licensing agreement we had last year, the company’s performance was above average,” the company said in a statement.

Hanmi’s sales increased in a variety of medications, including three of its Amosartan lineups (combined hypertension medicines), Rosuzet (hyperlipidemia treatment compound drug), Gugu and Palpal (erectile dysfunction treatment) and Rovelito (anti-hypertension treatment).

Beijing Hanmi Pharmaceutical, its Chinese affiliate, recorded sales of 67.2 billion won in sales, a 20.9 percent increase year on year.

“Our company is growing rapidly thanks to domestic sales growth and R&D performance, in the first quarter of this year,” a Hanmi official said. “Hanmi Pharmaceutical will continue to invest in innovative new drug development according to our R&D strategy, and seek growth, both at home and abroad.”