On Tuesday, South Korea’s largest cosmetics firm, Amorepacific Group, reported a 29% rise in net profit for the three months ending September 30th, due to stockholding gains from subsidiaries such as skin care company COSRX Inc.
The company’s net income for the quarter came to 41.7 billion won (US$31 million), up from 32.29 billion won in the same period in 2019. This increase was driven by higher sales of cosmetics in Japan, Europe, the US, and the Middle East, which offset reduced sales in China, duty-free shops, and its e-commerce division.
Operating profit, however, decreased 13% to 28.79 billion won compared to the prior year’s figure of 32.97 billion won, and sales dropped 5.7% to 963.35 billion won.
From January to September, net income rose 35% to 186.82 billion won, but operating profit dropped 37% year-on-year to 122.15 billion won, with sales down 9.3% to 3 trillion won.
This undated file photo provided by Amorepacific Group shows the cosmetics firm's headquarters building in Yongsan, central Seoul. (PHOTO NOT FOR SALE) (Yonhap)
kyongae.choi@yna.co.kr
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