Amorepacific Q3 net falls 14.3 percent on non-operating costs

Amorepacific Corp., South Korea's largest cosmetics company, reported a 14.3% drop in net profit for the third quarter of 2021 compared to the same period in 2020. The decline in net profit, amounting to 58.5 billion won ($43.8 million), was primarily due to non-operating costs. Despite the decrease, operating profit rose by 25.4% to 115.2 billion won ($86.5 million), while sales grew by 11.1% to 1.12 trillion won ($840.8 million).

The company cited strong growth in key overseas markets, such as the United States, Japan, and India, as a major factor in its performance. The popularity of K-beauty products, particularly brands like Aestura and Innisfree, continued to be strong in these markets. In Korea, the company reported robust sales of major brands, including Hera and Sulwhasoo, as well as a double-digit increase in e-commerce, multi-brand retail sales through CJ Olive Young, and duty-free channels.