LG posts 13.2% profit uptick
Revenue for the first half of 2013 also exceeded KRW 2 trillion for the first time
South Korea’s second largest cosmetics maker, LG Household and Health Care, has reported “record” operating profit for the first half of the year. According to the company, operating profit grew 13.2% year on year to South Korean Won KRW266bn. Revenue during the period exceeded KRW 2 trillion for the first time, growing 10% to KRW 2.1 trillion. Meanwhile, net profit surged 31.1% to KRW188.9bn.
All businesses ranging from household goods to shampoo, cosmetics and even beverages saw sales improve. Performance of household goods in the second quarter remained strong as the company increased its local market share by one percentage point to 34.4%.
Aggressive expansion in Japan also helped boost sales 15.6% to KRW 331.2bn and operating profit by 24.1%. Internationally, cosmetics sales reached KRW81.1bn, up 43% on the previous year thanks to a 52% growth in the Chinese and Japanese market.