Coway posts record quarterly operating profit of W260.8b on overseas growth

Coway posted sales of 1.43 trillion won ($1.06 billion) and operating profit of 260.8 billion won in the third quarter on a consolidated basis, the company disclosed Friday — a 13.7 percent increase in sales and a 7.3 percent rise in operating profit from a year earlier.

Domestic sales reached 754.9 billion won, up 2.0 percent from the same period last year, driven by continued demand for ice water purifiers, beds and massage chairs, while newer product categories such as food waste disposers and wall-mounted air conditioners also contributed to revenue.

Domestic new rental sales in the third quarter rose 7.3 percent from a year earlier. Net rental account additions came to 214,000 units, up 26.7 percent from the same period last year.

Overseas subsidiary sales totaled 591.8 billion won, up 26.2 percent year on year. The Malaysia unit recorded 428 billion won in sales, a 21.5 percent gain, while the US unit posted 83.9 billion won, up 45.8 percent. The Thailand unit grew 38.0 percent to 57.7 billion won, and the Indonesia unit rose 21.8 percent to 16 billion won.

"Building on the net growth in domestic rental accounts and the momentum of our overseas subsidiaries, we will sustain top-line growth and profitability in the fourth quarter as well," said Kim Soon-tae, Coway's chief financial officer.