Seoul: GC Biopharma Corp. on Friday reported its second-quarter net profit of 1.1 billion won (US$769,231), marking a significant decline of 96.6 percent compared to the same period last year.

According to Yonhap News Agency, the pharmaceutical company disclosed in a regulatory filing that its operating profit for the April-June period saw a decrease of 93.8 percent on-year, amounting to 1.7 billion won. Additionally, sales experienced a downturn, decreasing by 15.8 percent to 421.2 billion won.

The company's operating profit was notably 63.6 percent lower than the average estimate, as per a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency. However, an estimate for the net profit was not available in the survey.