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(LEAD) Amorepacific Q1 net almost halves on virus fallout

All News 10:18 April 28, 2020

(ATTN: CHANGES headline, lead; ADDS more info from 2nd para, photo; COMBINES with a story slugged Amorepacific Group-Q1 earnings)
By Kim Han-joo

SEOUL, April 28 (Yonhap) -- South Korean cosmetics company Amorepacific Corp. said Tuesday that its net income for the first quarter dipped 45.2 percent from a year earlier, hit by the coronavirus outbreak

Net profit reached 67 billion won (US$ 54.6 million) on a consolidated basis in the January-March period, compared with 122 billion won for the previous year, the company said in a regulatory filing.

This undated photo, provided by AmorePacific Corp., shows the company's headquarters in Seoul. (PHOTO NOT FOR SALE) (Yonhap)

The company said that it posted 60.9 billion won in operating profit for the quarter, compared with 186.6 billion won a year ago. Sales fell 22.1 percent on-year to 1.13 trillion won.

The operating profit was 13.6 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The company attributed the weak performance to losses incurred in major Asian markets, including China, which has been hit hard by the COVID-19 pandemic.

Amorepacific, however, said sales at its online outlets jumped nearly 80 percent on-year during the cited period.

The combined operating income of Amorepacific Group, which includes smaller brands like Innisfree and Etude House, fell 66.8 percent on-year to 67.9 billion won in the cited period. Sales also decreased 22.1 percent on-year to 1.27 trillion won.

khj@yna.co.kr
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