SEOUL, KOREA - AmorePacific Group (Amore G) announced on November 12 that it posted an operating profit of 107.1 billion won for the third quarter of this year, down 6.1 percent from a year ago. The company blamed the decline in operating profit on its increased investments in foreign businesses and brands, plus a decline in profits of its non-cosmetics subsidiaries.
Its third-quarter net profit amounted to 85.9 billion won, up 0.1 percent from a year earlier. Third-quarter sales also rose by 15.1 percent year on year to 991.2 billion won, primarily thanks to the expansion of new distribution channels meeting customer needs.
Its cosmetics sales grew by 15.8 percent year on year to 925.3 billion won. Despite market slump, Amore G strengthened new distribution channels such as digital shops and tax-free shops, aimed at better meeting customer requirements. In addition, Amore G enjoyed a steady growth in the sales of its overseas business.