Missha records first quarterly loss since ’07

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Missha records first quarterly loss since ’07

The local cosmetics company Able C&C, which operates the cosmetics brand Missha, said yesterday it has posted 103 billion won ($92.3 million) in sales and recorded an operating loss of 2.1 billion won for the second quarter of this year.

As it also recorded a net loss of 200 million won, its operating profit and net income both turned to a deficit. It is the first time since the fourth quarter of 2007 that the Able C&C has seen a quarterly loss.

The company said the slowdown in sales growth was due to increased competition and rising advertising and promotion costs.

For the first half of the year, the company had 199.9 billion won in sales, 4.2 billion won in operating profits and 5.5 billion won in net income.
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