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Samsung BioLogics records Q2 operating loss
  • By Lee Han-soo
  • Published 2019.07.25 10:16
  • Updated 2019.07.25 17:58
  • comments 0

Samsung BioLogics logged an operating loss of 5.4 billion won ($13.1 million) in the second quarter, turning into a deficit unlike the same period last year.

Samsung BioLogics headquarters in Songdo, Incheon.

The company, which is under probe for its alleged accounting fraud, posted the sales of 78.1 billion won, a 37.7 percent drop from a year ago. Its net loss came to 13.4 billion won, down 31.3 year on year, despite a strong performance by Samsung Bioepis, its subsidiary.

The company said its operating loss in the second quarter was due to “operational slowdown” caused by regular maintenance work of its second manufacturing facility.

Biopharmaceuticals undergo the slowdown every two years. During the slowdown period, factory utilization rate falls temporarily as maintenance work takes place to replace consumable parts, keep up productivity, and optimize efficiency, the company said.

“Operating profit declined by 39.1 billion won also because of increased costs such as legal fees regarding alleged accounting fraud case,” it added.

Its shares fell to 281,000 won as of 5 p.m. Wednesday, down 2.77 percent from Tuesday.

corea022@docdocdoc.co.kr

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