THAAD scandal sends AmorePacific profits plummeting

THAAD scandal sends AmorePacific profits plummeting

AmorePacific has reported plummeting profits for the second quarter of the financial year as tensions between China and South Korea continue to escalate, according to a report published by The Financial Times.

The K-beauty behemoth saw net profit fall 59.8 percent to KRW77.4 billion, and sales shrink 16.5 percent to KRW1.2 trillion in the three months to June.

Domestic sales were in the doldrums, diving 22.5 percent as Chinese tourists continued to boycott the country, while overseas sales dropped 2.1 percent in value – the company attributed a slowdown in Asian sales to ‘geopolitical uncertainties’.  

 

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