GC Pharma (KRX: 006280), a South Korean biopharmaceutical company, announced on Wednesday its unaudited results for the year ended 31 December 2019.

The company reported total revenues of KRW1,369.7bn in 2019, up 2.6% compared to 2018.

Operating profit decreased 19.7% to KRW40.3bn (2018: KRW 41.9bn), 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.

(USD1=KRW1.183)