Seoul: Hanmi Pharm Co. on Tuesday reported a first-quarter net profit of 44.7 billion won (US$31.1 million), representing a decline of 29.3 percent compared to the same period last year. This decline in net income reflects the challenges faced by the company during the January-March period.

According to Yonhap News Agency, the company revealed in a regulatory filing that its operating profit for the first quarter was 59 billion won, marking a decrease of 23 percent year-over-year. Despite this downturn, the operating profit surpassed the average estimate by 5.3 percent, as per a survey conducted by Yonhap Infomax, the financial data unit of Yonhap News Agency. However, specific estimates for net profit were not disclosed.

Additionally, Hanmi Pharm experienced a reduction in sales, which fell by 3.2 percent to 390.9 billion won for the same period. The financial results underscore the company’s need to navigate the current economic landscape and adapt its strategies moving forward.