Coloray, Q3 Operating Profit 8.3 Billion KRW... 37% Increase YoY

[Asia Economy Reporter Yoo Hyun-seok] ColorRay, a Chinese company specializing in pearl luster pigments for cosmetics, announced on the 30th that it recorded consolidated sales of 14.5 billion KRW (80.91 million CNY) and operating profit of 8.3 billion KRW (46.44 million CNY) in the third quarter of this year.

Sales decreased by 12.5% compared to the same period last year, while operating profit increased by 36.9%. The cumulative consolidated sales and operating profit for the third quarter reached 41.2 billion KRW (235.98 million CNY) and 21.8 billion KRW (124.79 million CNY), respectively, showing a decrease of 8.43% and an increase of 9.20% compared to the same period last year.

A ColorRay representative stated, “Following the recovery of the color cosmetics market in the third quarter, pearl luster pigment sales performed well, recording sales of 13.7 billion KRW, which is a 35% increase compared to the same period last year. This is a strong performance similar to the pearl luster pigment sales in the third quarter of 2019, before COVID-19.” They added, “As sales of the high-margin pearl luster pigments recovered, operating profit also showed a significant increase of 36.9% compared to the same period last year.”

Regarding the decrease in overall sales, the representative explained, “The decline in sales from the distribution business in the third quarter compared to the previous year affected the total sales.”

Going forward, ColorRay plans to expand domestic and global sales of pearl luster pigments in line with the recovery of the color cosmetics market.

Zhuo Zhongbiao, CEO of ColorRay, stated, “As part of a proactive investment in March this year, we completed the expansion of a new factory, so we expect to respond quickly to market recovery with increased supply capacity, and we anticipate sales growth accordingly.”

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