Seoul: SK Biopharmaceuticals Co. (SK Biopharm), a biopharmaceutical arm of SK Group, announced on Wednesday a significant increase in its second-quarter net profit, reaching 85.1 billion won (US$59.7 million), which represents a 188.1 percent rise from the previous year.

According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating profit for the April-June period experienced a 56.9 percent year-on-year increase, totaling 97.1 billion won. Additionally, the biotech firm reported a 40.3 percent rise in sales, amounting to 247.4 billion won.

The operating profit surpassed expectations by 12 percent, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. However, an estimate for the net profit was not available.