Seoul: LG Household and Health Care Co. (LG H and H) announced on Thursday that its second-quarter net income dropped significantly to 38.6 billion won (US$27.8 million), marking a 64 percent decline from the same period last year.
According to Yonhap News Agency, the company's operating profit for the April-June period also decreased sharply by 65.4 percent, amounting to 54.8 billion won. Additionally, the company experienced an 8.8 percent drop in sales, totaling 1.6 trillion won. These financial figures were disclosed through a regulatory filing.
The reported earnings were notably lower than market expectations. Analysts, as surveyed by Yonhap Infomax, the financial data firm of Yonhap News Agency, had anticipated an average net profit estimate of 80.8 billion won for LG H and H.