South Korea's Joint Chiefs of Staff said in a statement that the missiles were launched late Wednesday evening from North Korea's capital region.
It said South Korea's military boosted its surveillance posture and maintained its readiness in close coordination with the United States.
Japan's Defence Ministry also announced that North Korea fired at least one suspected ballistic missile.
Earlier Wednesday, the United States flew a B-1B bomber to the Korean Peninsula as part of field exercises with South Korea. The field training is being held on the sidelines of an ongoing annual US-South Korean computer-simulated command post exercise called “Ulchi Freedom Shield" that began August 21.North Korea views US-South Korean military drills as an invasion rehearsal.
North Korea is sensitive to the deployment of US B-1B bombers, which are capable of carrying a large payload of conventional weapons. Wednesday's B-1B deployment is the 10th flyover by US bombers on the Korean Peninsula this year.
South Korea's Defence Ministry said the bomber took part in aerial drills with other US and South Korean warplanes in waters off the Korean Peninsula's west coast. It said the drills demonstrated the countries' combined defence posture and the US commitment to the defence of South Korea.
North Korea's state media said Tuesday that leader Kim Jong Un called for the military to be constantly ready for combat to thwart plans by its rivals to invade. Also Tuesday, South Korea, the US and Japan mobilised naval destroyers for a trilateral missile defence exercise off South Korea's southern Jeju island.
Kim said in a speech marking the country's Navy Day on Monday that the waters off the Korean Peninsula have been made unstable “with the danger of a nuclear war” because of US-led hostilities, according to the official Korean Central News Agency.
Since the beginning of 2022, North Korea has carried out more than 100 weapons tests, many of them involving nuclear-capable missiles designed to strike the US, South Korea and Japan. Many experts say North Korea ultimately wants to use its increased military capabilities to wrest greater concessions from the US.North Korea's testing spree has caused the US and South Korea
Pakistani pharmaceutical exporter Abbott Laboratories suffered losses to the tune of Rs579.85 million in the second quarter which ended on June, 30, 2023, as compared to a profit of Rs338.2 million in same period last year (SPLY).
The company, in its financial statements provided to the Pakistan Stock Exchange (PSX) on Wednesday, attributed the losses to a rise in production cost amid ongoing rupee devaluation and rise in inflation.
The company posted a loss per share of Rs5.93 in Q2 2023, as compared to an earning per share of Rs3.45 per share in SPLY.
Sales for the quarter clocked in at Rs13.44 billion, an increase of 4% over the SPLY.
“Pharmaceutical sales increased by 12% whereas sales for nutrition decreased by 18% mainly on account of lower volumes following restrained demand due to inflationary pressures,” said Abbott.
However, despite higher sales the pharmaceutical’s gross profit margin declined to 19% in 2QCY23 from 34% during the SPLY.
“This is mainly due to increase in product costs on account of rupee devaluation and inflation,” stated the company, as the cost of sales increased to Rs10.84 billion from Rs8.53 billion in SPLY.
Operating expenses increased by 16% over the same period last year mainly due to inflation. Other charges decreased by 82% over the same period last year due to impact of exchange losses in 2QCY22.
Abbott’s tax charge for the quarter decreased by 44% to Rs971.72 million as compared to 1.729 billion in SPLY. “This is in line with lower profitability and impact of prior year super tax levy in 2QCY22,” said the pharmaceutical.
Abbott stated it continues to face challenges of inflation and rupee devaluation.
It urged the Drug Regulatory Authority of Pakistan to conduct necessary pricing review and adjustments.
“As a long-term measure, the Authority may consider introducing automatic mechanism and policy to offset the impact of devaluation,” it suggested.
