Amorepacific widens net loss by 1.7% in Q4 due to pandemic's impact

Top South Korean cosmetics maker Amorepacific Corp. suffered a net loss of 58.9 billion won in the fourth quarter, increasing 1.7 percent from the 57.9 billion won a year ago, mainly due to the pandemic's impact.

According to the firm, it endured a decrease in offline and duty-free sales with the spread of COVID-19 limiting local shopping and reducing the number of inbound tourists.

However, online sales soared by about 50 percent.

The company also posted a 9.2 million won operating loss in the quarter, after enjoying a 45.9 billion won operating profit during the same period a year before. Sales plunged 13.3 percent to 1.16 trillion won during the said period.

For 2020, Amorepacific Corp. recorded a net profit of 21.9 billion won, down 90.2 percent from 2019. Operating income plunged 66.6 percent on-year to 143 billion won, as sales dropped 20.6 percent to 4.43 trillion won.

The Amorepacific Group, which includes Innisfree and Etude, logged a net income of 22 billion, down 92.2 percent from the previous year. The group's operating profit also slumped 69.8 percent on-year to 150.7 billion won, and sales plummeted 21.5 percent to 4.93 trillion won.