​Amore Pacific posts poor Q1 performance

Park Sae-jin Reporter() | Posted : May 9, 2018, 16:43 | Updated : May 9, 2018, 16:43

[Amore Pacific]

SEOUL -- South Korea's top beauty and cosmetics conglomerate, AmorePacific, reported a poor performance in the first quarter of this year due to reduced sales mainly in domestic duty-free shops hit by a travel ban on Chinese tourists.

AmorePacific said Wednesday that net profit fell 18.9 percent on-year to 216 billion won (199 million US dollars). Sales were down 10.3 percent on-year to 278.1 billion won and operating profit fell 26.5 percent to 278.1 billion won.

China has gradually lifted a travel ban since the two countries agreed in October last year to normalize ties strained by a dispute over the deployment of a U.S. missile shield in South Korea.   

AmorePacific promised to diversify its brand marketing at home by releasing new products and opening new flagship stores and strengthen its competitiveness with innovative products.

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