UPDATE : Thursday, August 6, 2020
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HOME Pharma
GC’s Q1 profit surged amid Covid-19
  • By Shim Hyun-tai
  • Published 2020.04.29 18:14
  • Updated 2020.04.29 18:14
  • comments 0

The GC Group said Wednesday that it recorded 6.1 billion won ($5 million) in operating profit in the first quarter, a hefty increase of 283.9 percent from a year ago, on consolidated financial statements.

The group’s sales in the first three months amounted to 307.8 billion won, up 8.6 percent year to year.

GC Pharma, the group’s flagship drugmaker, led the overall growth by registering the sales growth rate of 8.1 percent and operating profit rise of a whopping 2,110 percent to 6.4 billion won, it said.

A company official said a sharp increase in the exports of the vaccine for chickenpox and flu was behind the improved performance. GC’s export of vaccine products jumped 22.9 percent over the cited period.

That, in turn, improved the company’s profitability sharply, more than offsetting the growth in management costs, including higher commissions and advertising expenses, it noted.

In the home market, too, the sales by the group’s consumer healthcare division soared 64 percent, showing the best performance within the group.

Other affiliated firms also recorded positive bottom lines.

GCMS, which announced its provisional result on Tuesday, succeeded in turning around to a surplus by expanding its turnover through efficient management.

GC Labcell also continued its substantial growth this year, with the first-quarter sales rising 23.3 percent year-on-year to 15.2 billion won, thanks to the growth of the sample screening service and bio-logistics sector.

The company continued to invest in R&D to realize the future value and improve profitability, the group said in a news release, adding that its subsidiary’s upward trend of improving sales is likely to continue as the company’s primary businesses are growing under the influence of Covid-19.

shim531@docdocdoc.co.kr

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