Seoul: Hanmi Science Co. on Friday reported a first-quarter net income of 24.5 billion won (US$17 million), down 21.3 percent from a year earlier. Operating income for the January-March period was 27.1 billion won, down 27.4 percent from a year ago, the company said in a regulatory filing. Revenue rose 3.8 percent to 332.2 billion won.
According to Yonhap News Agency, the decrease in net profit and operating income comes despite the growth in the company’s revenue. The regulatory filing did not specify the factors contributing to the decline in profits, but the increase in revenue indicates potential areas of growth for the company.
Hanmi Science’s financial performance in the first quarter reflects the company’s ongoing challenges in balancing revenue growth with cost management. As the company continues to navigate the market conditions, stakeholders will be keenly observing its strategic adjustments in the coming quarters.