GC Pharma Reports Full Year 2019 Results

All consolidated entities revenues grew plus compared to prior year

YONGIN, South Korea, Feb. 12, 2020 /PRNewswire/ -- GC Pharma (formerly known as Green Cross Corporation) (KRX: 006280), a South Korean biopharmaceutical company, today announced unaudited results for the year ended 31 December 2019.

                             Key Figures                   Full Year 2019     Growth
                (2          (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.

About GC Pharma

GC Pharma is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in South Korea, GC Pharma is the largest plasma protein product manufacturer in Asia and has been dedicated to quality healthcare solutions more than half a century. Green Cross Corporation updates its corporate brand as GC Pharma in early 2018. Green Cross Corporation remains the company's registered, legal name.

This release includes forward-looking statements, which express the current beliefs and expectations of GC Pharma's management. Such statements speak only as of the date on which they are made and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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