LG Household & Health Care had a record first half, reporting US$435 million in net profit, up 10.6 percent on year.
Sales were US$3.4 billion, up 10.3 percent on year.
The cosmetic company’s second quarter sales were US$1.6 billion, up 13.4 percent on year, and net profit was US$195.4 million, up 10.6 percent during the same period.
The growth was led by the luxury cosmetics brands and strong sales in China, while profit fell at the company’s two other divisions.
In the first half, the company’s beauty business division generated US$409.3 million in operating profit, up 18.4 percent on year, on sales that increased 14.3 percent to US$1.9 billion.
Operating profit for home care and daily beauty division, which sells laundry products like Saffron, fell by 2.7 percent to US$108 million on sales that climbed 8 percent to US$882 billion.
Operating profit for refreshment division, which sells beverages like Seagram’s, fell by 0.7 percent to 108 billion won. Sales inched up 2.5 percent to US$663.1 million.
The company said the rise in the price polyethylene terephthalate (PET) made it challenging to improve the division’s profitability.
(Source: Korea JoongAng Daily)