Seoul: LG Household and Health Care Co. (LG H and H) on Thursday reported a first-quarter net income of 88.7 billion won (US$59.7 million), marking a 14.3 percent decrease from the same period last year. The company, which specializes in cosmetics and household goods, disclosed these results in a regulatory filing.

According to Yonhap News Agency, the company's operating profit for the quarter amounted to 107.8 billion won, a decline from 142.4 billion won recorded the previous year. Revenue also saw a decrease, dropping 7.1 percent to 1.57 trillion won. Despite the downturn in profit and revenue, LG H and H's operating profit surpassed expectations, coming in 111.9 percent higher than the average estimate, as per a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. An estimate for net profit was not provided.