November 02, 2016 11:04
Amore Pacific posted record earnings in the third quarter despite a recall of its toothpaste products.
The cosmetics company achieved an operating profit of W219.7 billion and W1.65 trillion in sales, up 16.7 percent and 22.9 percent respectively from a year earlier (US$1=W1,143). In overseas markets, popular brands in China like Sulwhasoo, Laneige and Innisfree, led the growth.
But the company's current net profit inched down 0.4 percent to W151.4 billion on-year in the three month period due to losses incurred from the recall in late September.
About a dozen toothpastes were recalled due to the same toxic chemicals used in Oxy Reckitt Benckiser's humidifier disinfectants.
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