More than 60 percent of biotech companies listed on KOSDAQ suffered operating profit declines in the first quarter from a year earlier, industry data showed Tuesday.

According to disclosed earnings at 48 companies, 22 of them had an operating loss, and the rest 26 had operating profits in the first quarter. Among them, 30 firms had their operating incomes worsening or turning to losses in the first quarter, compared to the same period of the previous year.

Genexine recorded poorest results with its operating loss swelling to 9.3 billion won ($8.4 million) in the first quarter, from 9 billion won a year earlier.

The second worst was SillaJen with operating loss of 7.5 billion won, which was enlarged from 4.4 billion won operating losses a year earlier.

Kolon Life Science marked the largest year-on-year increase in operating loss. The company posted 4.3 billion operating loss in the first quarter, worsening from 140 million won loss a year earlier.

Operating loss reached 2.7 billion won at EyeGene, 2.6 billion won at Qurient, 2.5 billion won at Kang Stem Biotech, 2.3 billion won at ViroMed, 2.3 billion won at Isu Abxis, and 2.1 billion won at Medypost.

On the other hand, CTC Bio’s earnings significantly improved. The company turned its 2.9 billion operating loss in the first quarter last year to 2.2 billion won operating profit a year later.

CHA Biotech’s 390 million won operating loss turned to 76 million won operating profit. C-TRI’s 1 billion loss turned 130 million won profit. Celltrion Pharm also turned 410 million won operating loss to 190 million operating profit. At ChoA Pharm, loss of 520 million won turned to a gain of 610 million won.

CMG Pharm, an affiliate of CHA Biotech, had its operating profit jumping 123 percent year-on-year to hit 650 million won in the first quarter. Kyungdong Pharmaceutical’s operating income also spiked 65 percent to 14.3 billion won, and Sama Pharm, 55 percent to 3.2 billion won.