(LEAD) LG H&H's net profit down 15.3 percent on-year in Q1

▲ The corporate logo of LG Household & Health Care Co. provided by the company (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) LG H&H-Q1 earnings

(LEAD) LG H&H's net profit down 15.3 percent on-year in Q1

SEOUL, April 27 (Yonhap) -- South Korean cosmetics giant LG Household & Health Care Co. said Thursday its net profit fell 15.3 percent in the first quarter from a year earlier due to delayed consumption recovery in China and cost headwinds.

Net profit came to 96.3 billion won (US$71.3 million) in the January-March period, down from 113.8 billion won from a year earlier, the company said in a regulatory filing.

LG H&H's sales increased 2.4 percent on-year in the first quarter to 1.68 trillion won, but operating profit dropped 16.9 percent to 145.9 billion won over the same period largely due to a rise in fixed costs, according to the company.

Overseas sales, which account for about 30 percent of the total sales, dipped 1.7 percent on-year in the first quarter to 500.2 billion won.

By business type, beauty sales posted an on-year increase of 0.3 percent to 701.5 billion won and refreshment sales an increase of 6.7 percent to 419.2 billion won.

Last year, the company suffered a net income loss of 70 percent from 2021 due to reduced consumer spending amid a global economic slowdown. The company had swung to the red in the fourth quarter.

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