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(LEAD) Samsung Biologics swings to Q1 profit on increased utility rate

All News 17:59 April 20, 2020

(ATTN: UPDATES with details)

SEOUL, April 20 (Yonhap) -- Samsung Biologics, a biopharmaceutical unit of South Korea's largest conglomerate Samsung Group, said Monday that it shifted to a first-quarter net profit from a year earlier on its increased utility rate.

For the three months that ended on March 31, the company posted a net profit of 39 billion won (US$32 million), swinging from a net loss of 38.4 billion won a year earlier, the company said in a regulatory filing.

Samsung Biologics' utility rate at its plants in Incheon, a port city just west of Seoul, jumped in the first quarter as there was no maintenance work, which led to increased sales.

Last year, the plants' utility rate fell due to maintenance work.

The company also shifted to an operating profit of 62.5 billion won from an operating loss of 23.4 billion won a year ago, the filing said.

Sales jumped 65 percent to 207 billion won from 125 billion won during the same period.

This file photo shows Samsung BioLogics' corporate logo atop its main office in Incheon, a port city just west of Seoul. (Yonhap)


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