COSMAX announced on the 11th that its preliminary earnings for the second quarter of this year totaled 623.6 billion won in revenue and 60.8 billion won in operating profit. Compared to the same period last year, revenue increased by 13.1%, and operating profit rose by 30.2%. This is the first time the quarterly revenue has exceeded 600 billion won.
COSMAX explained, "The growth of the domestic corporation, driven by the global popularity of K-beauty, led the overall growth." In the second quarter, the domestic corporation's revenue reached 420.5 billion won, marking an increase of 20.8% compared to the same period last year. During the same period, the operating profit was 49.9 billion won, which is a 44.6% rise.
In the first half of this year, the revenue from gel mask products increased more than three times compared to the same period last year. The sun care product line also grew by 50% compared to the same period last year.
In the second quarter, the revenue of the Thailand corporation was 23.1 billion won, an increase of 124.1% compared to the same period last year. The large orders of sun care items, following the first quarter, were effective.
The revenue of the Indonesia corporation was 20.9 billion won, a decrease of 17.9% compared to the same period last year. This was influenced by factors such as producing planned quantities for the second quarter earlier at the request of clients and coordination with the Thailand corporation.
The revenue of the China corporation reached 148.6 billion won, an increase of 0.7% compared to the same period last year. In June, as cosmetic retail sales in China shrank by 2.3% compared to the same period last year, COSMAX's China corporation successfully defended its performance by expanding the launch of strategic products through large local clients. Additionally, overseas sales to clients outside of China also expanded.
In the second quarter, the U.S. corporation recorded revenue of 30 billion won, a decrease of 17% compared to the same period last year. However, it showed a recovery trend with a 4.5% increase compared to the previous quarter. In particular, expected improvements in performance are anticipated as the revenue from new clients acquired by the California West office starts to reflect in the second half of the year.
A COSMAX official noted, "Thanks to strong performances from not only traditional star products but also mask packs and sun care product lines, we were able to achieve the largest performance ever," and added, "In the second half, we will solidify our position as the top global cosmetic ODM through various portfolio strategies based on product competitiveness and the ability to satisfy consumers worldwide."