THE WHAT? LG Household & Health Care saw net profit fall 15.3 percent year on year in the first quarter of financial 2023, according to a report published by Korea JoongAng Daily.
THE DETAILS Sales rose a modest 2.4 percent versus the prior-year period, hitting KRW1.68 trillion, with flat beauty sales attributed to a slow recovery in China. The Home Care and Daily Beauty division saw sale rise 1.9 percent while Refreshment sales rose a healthy 6.7 percent yoy.
THE WHY? The lower-than-expected KRW96.3 billion net profit was attributed to increased costs while sales in China, traditionally a strong market for LG, falling in the double digits.
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