Amorepacific : 2Q Net Profit Fell 88% as Pandemic Hit Revenue

By Kwanwoo Jun

Amorepacific Corp.'s second-quarter net profit fell 88% as the coronavirus pandemic weighed on revenue growth from duty-free shops and beauty-product sales outlets.

Net profit for the quarter ended June was 6.70 billion Korean won ($5.6 million) compared with net profit of KRW57.10 billion in the same quarter a year earlier, the South Korean cosmetics company said Friday.

That missed a FactSet-compiled consensus forecast for net profit of KRW20.59 billion.

Revenue during the quarter fell 24% to KRW1.056 trillion, while operating profit dropped 60% to KRW35.20 billion.

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