Amorepacific Q3 net profit up over 5-fold on increased domestic sales

Amorepacific Corp. said Friday its third-quarter net profit rose more than fivefold from a year earlier.

Net income was 38.5 billion won ($32.9 million) in the third quarter, compared with 7 billion won in the same period a year ago, Amorepacific said in a regulatory filing.

Operating profit for the July-September period fell 10.2 percent on-year to 50.3 billion won. Sales increased 1.9 percent to 1.1 trillion won.

The operating profit was 29 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

Its sales in South Korea recorded 721.5 billion won during the period, up 7.3 percent from a year ago, with its operating profit soaring 63 percent to 58.7 billion won.

Local sales of daily necessities fell 10 percent to 124 billion won.

But its overseas sales dropped 9.2 percent to 384.1 billion won, while overseas operating profit plunged 56.6 percent to 8.5 billion won.

The poor overseas performance was due to a fall in the number of stores in China, the company said. (Yonhap)