Aekyung Industrial's bottom line hurt by outbreak

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Aekyung Industrial's bottom line hurt by outbreak

Aekyung Industrial said Thursday its net profit more than halved in the first quarter of the year due to the fallout from the coronavirus outbreak.
Net income fell to 9.1 billion won ($7.5 million) during the January-March period, down 50.3 percent from a year earlier, the Korean household goods and cosmetics maker said in a regulatory filing.
Sales declined 10.3 percent on year to 160.4 billion won, with operating income tumbling 45.3 percent to 12.6 billion won.
Aekyung Industrial attributed the poor results to the negative impact of the coronavirus pandemic on sales of its cosmetics products at local duty-free shops and shipments to China, its key overseas market.
Operating income from the cosmetics segment plunged nearly 62 percent on-year.
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