On February 12, 2020 GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, reported unaudited results for the year ended 31 December 2019 (Press release, GC Pharma, FEB 12, 2020, View Source [SID1234554241]).

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Full Year 2019(2)

Growth(2)

Total revenues

KRW 1,369.7 billion

+2.6%

Operating profit

KRW 40.3 billion

(19.7%)

K-IFRS profit after taxation

KRW -11.3 billion

–

(1) Consolidated
(2) Results and percentages compared to the full financial year 2018

Financial Highlights

Delivered total revenue growth of 2.6% KRW 1.37 trillion (2018: KRW 1.33 trillion), all consolidated entities revenues grew plus compared to equivalent 2018 period.
Operating profit decreased 19.7% to KRW 40.3 billion (2018: KRW 41.9 billion), primarily due to an impact of investment in R&D and SG&A.
One off costs – including corporate tax bill and VAT result in regular tax investigation, evaluation loss of stock investment, impairment losses of tangible asset and penalties from local antitrust regulator related to subsidiary, Green Cross MS, and impairment losses of intangible assets – impacted on after tax profits, expected to progressively ease over the course of 2020.