Celltrion reports net profit fell 34% in 2018

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Celltrion reports net profit fell 34% in 2018

Celltrion said Monday that its net profit shrank 34.3 percent in 2018 despite record-high sales, mainly due to increased costs.

Net profits came to 253.6 billion won ($226.2 million) last year on a consolidated basis, compared with 403 billion won a year ago, the company said in a regulatory filing.

Celltrion said its operating profits plunged 34.3 percent on year to 338.7 billion won in 2018.

Meanwhile, the firm said its sales reached a record high of 982.1 billion won mainly due to increased revenues from its biosimilars - Truxima and Herzuma - in the European market.

In regard to the drop in profits, the company said costs rose temporarily due to ongoing expansion of its No. 1 plant in Incheon, west of Seoul, coupled with increased personnel expenditures.

Looking ahead, Celltrion expects its earnings to improve over the long term as output is likely to increase when the ongoing construction is completed this year.

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