Amorepacific Group’s second quarter net profit rose 2,680.2 percent year-on-year to 142.8 billion won ($127.5 million), handily surpassing market estimates.
The company’s second quarter profit recovery also represents a huge turnaround from a crash in the same quarter of last year, when profit shrank more than 90 percent compared to the same period in 2019 as a result of the pandemic. This said, the extraordinary gain was largely due to sales of overseas real estate properties, the specific locations of which were not disclosed.
The group, parent company to K-Beauty brands such as Sulwhasoo, Etude and Innisfree, reported second quarter operating profit was up 188.5 percent to 104.6 billion won on sales that increased 10.4 percent year-on-year to 1.3 trillion won ($1.13 billion).
Amorepacific said online sales grew 40 percent in Korea year-on-year for the quarter. Outside of Korea, online sales for Amorepacific’s luxury cosmetics brands grew almost 100 percent year-on-year in China.
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