Car, Cosmetics Exports Hit Hard by China's THAAD Boycott

  • By Kim Seung-bum

    July 27, 2017 12:36

    Korean car and cosmetics manufacturers saw huge declines in earnings in their key Chinese market due to an unofficial boycott in retaliation for the stationing a Terminal High-Altitude Area Defense battery from the U.S. here.

    Hyundai said on Wednesday that second-quarter sales fell 1.4 percent on-year to W24.3 trillion, while operating profit plunged 23.7 percent to W1.34 trillion and net profit a whopping 48.2 percent to W913.6 billion (US$1=W1,121).

    This is the first time since 2010, when International Financial Reporting Standards were first applied, that Hyundai's quarterly net profit came in under W1 trillion.

    Hyundai's car sales volume in China in the quarter nosedived 64 percent or 186,000 cars compared to the same period of last year.

    Amore Pacific posted second-quarter revenues of W1.41 trillion and operating profit of W130.4 billion, down 17.8 and 57.9 percent on-year. Net profit plummeted 59.5 percent.

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