Coway Reports 32% Increase in Operating Profit Last Year... Acquires Mattress Supply Business
[Asia Economy Reporter Kim Heeyoon] Coway announced on the 16th that its consolidated sales last year reached 3.2374 trillion KRW, a 7.2% increase compared to the previous year.
According to Coway, operating profit during the same period recorded 606.4 billion KRW, up 32.3%, and net profit for the period was preliminarily estimated at 404.7 billion KRW, an increase of 21.8%.
On this day, Coway announced that it will acquire 200,000 shares (100% stake) of iobed for 43 billion KRW to strengthen mattress research and development and revitalize the mattress business. iobed is a mattress bed specialized furniture company established in 2007.
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The acquisition price represents 3.99% of Coway's equity capital as of 2019 and 1.51% of total assets. The scheduled acquisition date is April 8.
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