SEOUL– Cosmetics giant Amorepacific Group said Wednesday it turned to a profit in the fourth quarter last year due to its renewed focus on online sales channels and strong performance in North America and Europe.
Amorepacific group logged a net profit of 10.7 billion won (US$8.7 million) in the last three months of 2022, compared with a net loss of 73.1 billion won in the same period a year earlier, the company said in a regulatory filing.
The cosmetics giant said its operating profit for the October-December period came to 78.6 billion won, a dramatic hike from 2.3 billion won. Sales declined 16.7 percent to 1.18 trillion won.
For all of 2022, the group said its net profit fell 48.9 percent to 149.2 billion won.
Operating profit retreated 23.7 percent to 271.9 billion won, while sales dipped 15.6 percent to 4.4 trillion won.
Source: Yonhap News Agency