LG Household reports a rise in net profit in first quarter

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LG Household reports a rise in net profit in first quarter

LG Household & Health Care said Thursday its net profit increased 3.7 percent on-year on the back of the popularity of its luxury cosmetics brands and households goods.

Net profit came to 234.2 billion won ($189.9 million) in the January-March period, compared with 225.8 billion won reported a year earlier, the major Korean cosmetics and household goods maker said in a regulatory filing.

The company’s sales came to 1.89 trillion won during the cited period, up 1.2 percent on-year, with an operating profit of 333.7 billion won, up 3.6 percent on-year, it said.

LG Household & Health Care said its better-than-expected sales came despite the new coronavirus outbreak that has weakened demand from both overseas and local markets.

The company said sales of its household goods business expanded by 19.4 percent on-year on the back of demand for sanitary products, such as hand wash and wet tissues.

LG Household & Health Care said its high-end skin care lineup, such as the History of Whoo, also posted strong sales.

Yonhap

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