CHA Biotech announced that it recorded the largest sales in history for the first half of this year based on consolidation financial statements. However, operating losses also increased due to expanded research and development investment.
CHA Biotech reported on the 13th that its sales based on consolidation in the first half reached 603 billion won, an increase of 21% compared to the same period last year. The operating loss for the first half was 33.3 billion won, widening from 13.3 billion won in the same period last year. The net loss for the period was 102.2 billion won.
The company explained that the growth in the U.S. healthcare institutional sector, expansion of global network sales including Australia and Singapore, and the effect of newly consolidating the Singapore branch boosted sales.
However, the scale of operating losses also increased compared to the previous year due to temporary cost increases from expanded R&D investments and improved distribution structures at its subsidiary CMG Pharmaceutical. The company noted that costs were also impacted by fluctuations in subsidies associated with the U.S. government healthcare budget.
Sales based on separate financial statements were 30.3 billion won, with an operating loss of 2.3 billion won and a net loss of 27.2 billion won.