A sharp drop in Chinese tourist numbers has seen South Korean cosmetics maker Amorepacific’s profit slide 20.9 per cent in the first quarter.
Net income came to KRW176.7 billion (US$163 million) in the January-March period, down from KRW223.5 billion won.
Operating profit fell 25.5 per cent to KRW235.9 billion, while sales declined 8.8 per cent to KRW1.43 trillion during the cited period, it said.
Amorepacific says the weak performance follows the decline in inbound tourists from China following the Beijing government’s ban on sales of Korea-bound package tours amid a diplomatic row over the deployment of a US missile system.
The combined net income of Amorepacific Group, which includes brands like Etude and Innisfree, reached KRW216 billion in the quarter, also down 18.9 per cent.
The total operating profit was down 26.5 per cent to KRW278.1 billion, and sales fell 10.3 per cent to KRW1.66 trillion.