Ildong Pharmaceutical said on the 6th that, on a consolidation basis, operating profit for the third quarter was tentatively tallied at 6.76 billion won, up 87.6% from the same period a year earlier.
Third-quarter sales were 145.456 billion won, down 6.7% from the same period a year earlier. Net profit swung to a surplus of 21.489 billion won from a loss a year earlier.
Cumulative sales for the first through third quarters this year were 419.913 billion won, down 8.6% from a year earlier, but operating profit rose 144.9% to 11.551 billion won from a year earlier.
The company said, "Operating profit increased as a result of reduced fixed costs from business realignment and the streamlining of the expense and expenditure structure." It added that net profit also increased due to other revenue generated by external investment performance and the reorganization of the governance structure of affiliates.
However, the company said sales decreased due to a base effect from factors including the end of a co-promotion contract with Bayer at the end of last year and the transfer of part of the consumer healthcare business to another affiliate.