Amore Pacific's Q2 profit surges on brisk sales in China

SEOUL - Amore Pacific, South Korea's No 1 cosmetics maker, said Wednesday that its operating profit surged nearly 70 percent in the second quarter on brisk sales in China.

Operating profit gained 69 percent from a year earlier to 151.1 billion won ($147 million) in the second quarter, the company said in a statement. Revenue increased 21 percent to 966.7 billion won in the quarter.

The surge in profits came as cosmetics sales in China almost tripled in the quarter. Amore's leading brands, such as Innisfree and Ettude, beat global rivals in China on the back of popular South Korean dramas, market watchers said.

Amore relied on Chinese clients for 25.9 percent of its second quarter cosmetics sales, up from 20.6 percent in the first quarter.

Share prices of Amore soared 4.44 percent to settle at 2,068,000 won, breaching the 2-million-won level for the third time among shares comprising the benchmark KOSPI index.

There are only two shares, whose market price per share is valued above 2 million won, including beverage maker Lotte Chilsung and Lotte Confectionary that closed at 2,120,000 won and 2,115,000 won respectively.

Amore's total market capitalization reached some 12 trillion won. The Amore shares were listed in 2006.

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