Cosmax Reports 99% Increase in Operating Profit Despite COVID-19

[Asia Economy Reporter Yujin Cho] Cosmax, a cosmetics manufacturing ODM company, announced on the 13th that its consolidated operating profit for the second quarter of this year was tentatively estimated at 26.2 billion KRW, a 99.2% increase compared to the same period last year.

During the same period, sales reached 379.2 billion KRW, up 14.1% year-on-year, and net profit increased by 134.9% to 13.8 billion KRW.

The company cited the improvement in operating profit margin of its Korean subsidiary and the turnaround to profitability in its China business as the reasons for the increase in operating profit.

A Cosmax official explained, "The increase in supply to new online channel customers both domestically and internationally, as well as the continuous supply of hygiene products such as hand sanitizers, led to the improvement in performance."

The China subsidiary achieved sales growth by continuously securing new online customers in addition to existing offline clients. In the United States, as well as in the Indonesia and Thailand subsidiaries, the production of COVID-19 hand sanitizers contributed to the increase in sales.

This content was produced with the assistance of AI translation services.