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AmorePacific posts 33% increase in Q1 net income

By Park Sae-jin Posted : May 2, 2016, 09:37 Updated : May 2, 2016, 09:37

[Yonhap News Photo]

South Korean cosmetics giant AmorePacific on Monday reported a 33 percent increase in first-quarter net income thanks to brisk sales in China and other foreign countries.

In the January-March period, AmorePacific's net profit rose to 325 billion won (284 million US dollars) from 244 billion a year earlier.

First-quarter operating profit soared 31 percent on-year to 419 billion won on sales of 1.75 trillion won which rose 22 percent, the company said in a regulatory filing.

AmorePacific's sales have seen a dramatic increase in the past five years, buoyed by South Korea's pop culture wave "Hallyu". Its profit jumped 52 percent on-year to 585 billion won last year.

Hallyu sparked the tremendous popularity of South Korean cosmetics in Asia. Their shipments hit a record high of $2.45 billion last year. AmorePacific has vowed to step up sales abroad, and market analysts have predicted its sales this year would grow more than 30 percent.

​Aju News Lim Chang-won = cwlim34@ajunews.com

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