By Kwanwoo Jun
Amorepacific Corp.'s third-quarter net profit plunged 93% from a year earlier, as demand for cosmetics and other beauty products continued to be suppressed by the pandemic.
Net profit was 7.00 billion Korean won ($6.2 million), compared with net profit of KRW102.30 billion, the South Korean cosmetics company said Wednesday. That missed a FactSet consensus forecast for net profit of KRW30.52 billion.
Revenue slid 22% to KRW1.089 trillion, while operating profit slumped 48% to KRW56.00 billion.
The company said revenue from its duty-free shops and offline shopping outlets fell sharply, despite steady sales growth for online shopping malls.
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(END) Dow Jones Newswires