U.S. Markets closed

Nu Skin's profit plunges as Greater China sales halve

Nov 5 (Reuters) - Nu Skin Enterprises Inc, a direct seller of anti-ageing and nutritional products, reported a 38.4 percent drop in quarterly profit as sales nearly halved in Greater China, its largest market.

The company's net income fell to $68.3 million, or $1.12 per share, in the third quarter ended Sept. 30 from $110.9 million, or $1.80 per share, a year earlier.

Revenue from Greater China, which comprises Mainland China, Hong Kong, Macau and Taiwan, plunged 49.6 percent.

Total revenue fell 29.7 percent to $638.8 million.

Nu Skin had to suspend distributor recruitment drives in China in January after the country's regulators launched investigations into its business practices.

The company was later fined $540,000 for illegal sales and misleading local consumers about the potential benefits of its products.

(Reporting by Shailaja Sharma and Sruthi Ramakrishnan in Bangalore; Editing by Kirti Pandey)