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LG Household's Q2 operating profit up on non-cosmetics biz

14:41 July 23, 2020

SEOUL, July 23 (Yonhap) -- LG Household & Health Care Ltd. said Thursday its second-quarter operating profit inched up 0.6 percent from a year earlier on robust performance of its non-cosmetics business amid the new coronavirus outbreak.

Operating profit came to 303.3 billion won (US$252.9 million) in the April-June period, compared with 301.5 billion won in the same period the previous year, the major South Korean cosmetics and household goods maker said in a regulatory filing.

The outcome was better than the market consensus of 274.8 billion won in operating profit in a poll conducted by Yonhap Infomax, the financial arm of Yonhap News Agency, on 16 local brokerage houses.

This image, provided by LG Household & Health Care, shows the logo of the South Korean cosmetics and household goods maker. (PHOTO NOT FOR SALE) (Yonhap)

Revenues declined 2.7 percent on-year to 1.78 trillion won last quarter as the COVID-19 pandemic hit its sales at duty-free outlets, a key sales channel of local cosmetics makers.

"The virus outbreak had a significant negative impact on the company's sales, but except for sales linked to duty-free stores, other business segments posted strong growth," it said.

In the first half, the company logged a record high operating profit of 637 billion won, up 2.1 percent from the previous year.

Sales fell 0.7 percent on-year to 3.68 trillion won, and net profit rose 0.3 percent to 438.8 billion won.

Cosmetics sales declined 11.5 percent on-year to 1.99 trillion won in the first six months of the year.

Despite the pandemic, sales of its high-end skincare lineup -- the History of Whoo -- surpassed 1 trillion won.

Sales of its household goods business posted solid growth by rising 26.4 percent on-year to 941.5 billion won.

sooyeon@yna.co.kr
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