Samsung Biologics Co. on Wednesday reported its second-quarter net profit jumped more than 21 percent from a year earlier largely thanks to large-scale new contracts.
Net profit for three months ended in June was 184.9 billion won (US$145.1 million) on a consolidated basis, up 21.6 percent from a year ago, the company said in a regulatory filing.
The operating profit was 253.4 billion won, up almost 50 percent from 169.7 billion won a year ago, and sales rose 33 percent on-year to 866.2 billion won.
Samsung Biologics posted the record-high sales in the first half, raising 1.59 trillion won.
The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 171.9 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Samsung Biologics attributed the increased net profit to signing of large-scale long-term contracts and full operation of three of its factories here.
In the second quarter, the company won contract manufacturing organization deals with global pharmaceutical giants, including Roche, Pfizer and Novartis.
The company said its subsidiary Samsung Bioepis also saw an improvement in sales.
Source: Yonhap News Agency