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LG Household & Health Care Q4 net up 6.6 pct on robust sales

All News 14:34 January 27, 2021

SEOUL, Jan. 27 (Yonhap) -- LG Household & Health Care Ltd., a South Korean maker of household goods and cosmetics, said Wednesday its net profit rose 6.6 percent in the fourth quarter from a year ago on strong sales.

Net profit rose to 142.6 billion won (US$129.1 million) on-year in the October-December period, the company said in a regulatory filing.

Sales increased by 4 percent to 2.9 trillion won in the period, and operating profit rose 6.3 percent to 256.3 billion won.

The company attributed the earnings hike to an increase in global sales, particularly in China and the United States.

"Both sales and operating profit grew to record highs in the fourth quarter, even in a difficult business environment where consumer sentiment plunged even further from the third wave of COVID-19," LG Household & Health Care said in a statement.

LG Household & Health Care Q4 net up 6.6 pct on robust sales - 1

For the whole of 2020, net profit rose 3.2 percent to 813.1 billion won from a year ago, and sales gained 2.1 percent to 7.84 trillion won. The company posted 1.22 trillion won in operating profit, up 3.8 percent.

The company said its revenue in the household and beauty (HDB) and refreshment businesses "achieved record-high performance with flexible strategies to meet consumer demand."

The entire beauty business posted 5.6 trillion won in sales and 965 billion won in operating profit, according to the firm's data.

Shares of LG Household & Health were trading at 1,612,000 won as of 2:21 p.m., down 0.86 percent from the previous session, after peaking at 1,666,000 won at 10:49 a.m.

The earnings results were announced in the afternoon during the session.

jwc@yna.co.kr
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