Seoul: LG Household and Health Care Co. (LG H and H) reported its first-quarter net profit of 103.5 billion won (US$71.6 million), marking an 8.5 percent decrease from the previous year.
According to Yonhap News Agency, the company disclosed in a regulatory filing that its operating income for the January to March period dropped by 5.7 percent year-on-year to 142.4 billion won. Additionally, LG H and H's revenue saw a decrease of 1.8 percent, totaling 1.69 trillion won for the quarter.
Despite the declines, the earnings surpassed market expectations. Analysts had, on average, estimated the net profit to be 87 billion won, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.