Seoul: GC Biopharma Corp. on Friday reported its first-quarter net income of 20.1 billion won (US$13.7 million), marking a 9.9 percent decrease from the same period last year.

According to Yonhap News Agency, the pharmaceutical company disclosed in a regulatory filing that its operating income for the January-March period saw a 46.3 percent increase on-year, reaching 11.7 billion won. Meanwhile, sales rose by 13.5 percent to 435.5 billion won.

Despite the positive growth in operating income and sales, the company's operating profit was 1.9 percent lower than the average estimate, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, the estimate for net profit was not provided.