Paseco, Operating Profit of 17 Billion Won Due to Camping Stove Popularity... 58% Increase YoY
Sales of 198.1 Billion KRW Up 9.8%... Record High Performance
[Asia Economy Reporter Kim Heeyoon] Paseco recorded its highest-ever performance amid the impact of the novel coronavirus (COVID-19), driven by the popularity of seasonal appliances such as window air conditioners and camping stoves.
According to Paseco on the 16th, sales in 2020 reached 198.1 billion KRW, an increase of 9.8% compared to the previous year. Operating profit surged 58.0% from 10.78 billion KRW in 2019 to 17.04 billion KRW. Net profit also rose 65.7% year-on-year to 14.32 billion KRW.
Paseco analyzed that the stay-at-home trend caused by COVID-19 expanded consumer sentiment for home appliances and interior products, driving the strong performance. Sales of Paseco’s main product, original equipment manufacturer (OEM) products, declined due to the economic downturn. However, the company explained that the popularity of window air conditioners in summer and camping stoves in winter helped improve profitability.
Hot Picks Today
"Buy on Black Monday"... Japan's Nomura Forecasts 590,000 for Samsung, 4 Million for SK hynix
- "Plunged During the War, Now Surging Again"... The Real Reason Behind the 6% One-Day Silver Market Rally [Weekend Money]
- "We're Now Earning 10 Million Won a Month"... Semiconductor Boom Drives Performance Bonuses at Major Electronic Component Firms
- Trump Warns Iran: "Nothing Will Be Left If They Don't Act Quickly"
- Experts Are Already Watching Closely..."Target Stock Price 970,000 Won" Now Only the Uptrend Remains [Weekend Money]
A Paseco official said, "As the pioneer of window air conditioners leading the summer appliance trend, this strength has been widely recognized by consumers, and strong performance is expected this year as well," adding, "Paseco, which has the only full lineup of built-in kitchen appliances in Korea, will have another opportunity."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
