The beauty conglomerate Amorepacific Group reported a 15.6 per cent year-on-year drop in revenue for last year, with its net profit plummeting 48.9 per cent down to $121.2M.
In the last quarter, the group’s turnover was down to 16.7 per cent to $984M, however, operating profit skyrocketed 3332.5 per cent to $64M. Sales by Amorepacific Group’s namesake cosmetic subsidiary declined 16.1 per cent domestically and 17.1 per cent in overseas markets last year.
The overseas business unit’s loss was attributed to the 30 per cent contraction in China sales, resulting from “consumption from the resurgence of Covid-19, Mainland China’s ‘Zero-Covid’ policy and the restructuring of offline stores.
