SEOUL, - Samsung Biologics Co., the biotech subsidiary of South Korea's Samsung Group, announced on Wednesday that its third-quarter net profit rose 86 percent from the previous year.
According to a news release by Yonhap News Agency, The net profit for the quarter was 240.4 billion won (US$178.1 million), an increase of 86.1% compared to the same period a year ago. Sales for the quarter grew by 18.4% to reach 1.03 trillion won, crossing the 1 trillion-won threshold for the first time. However, operating profit declined by 2% year-on-year to 318.5 billion won. The company attributes the profit rise to long-term contracts signed earlier in the year with pharmaceutical giants, including Pfizer and Novartis, and increased operational efficiency at its existing plants.