HK Innoen 1Q Sales 180.2 Billion KRW... Operating Profit 4.2 Billion KRW

[Asia Economy Reporter Chunhee Lee] HK Innoen recorded sales of 180.2 billion KRW and an operating profit of 4.2 billion KRW in the first quarter of this year.

HK Innoen announced on the 9th that its preliminary operating results for the first quarter showed sales of 180.213 billion KRW and an operating profit of 4.23 billion KRW. Sales decreased by 3.5% compared to the same period last year, and operating profit fell by 67.5%. Net profit also dropped by 70.9% to 2.418 billion KRW.

The company explained, "Although sales of most items, including our main products K-CAB and Condition, as well as infusion solutions and Health & Beauty (H&B) products, grew compared to the same period last year, overall sales decreased by 3.5% due to a decline in MSD vaccine sales." This is attributed to a base effect following the initial introduction of MSD vaccines in the first quarter of last year. Regarding operating profit, the decrease compared to the same period last year was due to increased fixed costs from stabilizing the new infusion solution plant and increased selling and administrative expenses from the concentrated launch of new beauty and health functional food products, including Condition sticks, in the first quarter.

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