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LG Household posts best-ever Q2 profits on popularity of high-end cosmetics

Collected: 2017.07.26

Distributed: 2017.07.31

Source: Go Direct

South Korea’s LG Household & Health Care Tuesday performed its best in the second quarter as popularity of high-end beauty brands in the Chinese mainland more than offset the plunge in Chinese visitors to Korea.

The company posted record-high quarterly operating profit of 232.5 billion won ($207 million), up 3.1 percent on year, and also best net profit of 168.3 billion won, up 5.6 percent. Its second-quarter earnings beat market consensus by 10 percent.

Sales were down by 1.5 percent on year to 1.53 trillion won.

As of 12:40 p.m. Wednesday, shares of LG Household & Health Care were 3 percent up at 991,000 won.

Since Chinese group tourists stopped coming in due to Beijing’s travel ban in protest to Seoul’s installation of U.S. missile shield, sales via duty-free shops plunged 26 percent on year.

But premium skin brands like ‘Whoo’ and ‘Sum37’ kept up profitability.

Unseasonably lengthy and hot summer fueled beverage sales. The beverage division delivered an operating profit of 45.1 billion won, soaring 28.1 percent from the previous year.

By Kang Da-young

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