Coway, 3Q Operating Profit 165.1 Billion KRW... Up 0.8% YoY

[Asia Economy Reporter Donghyun Choi] Coway announced its business performance for the third quarter of this year on the 9th.

Coway's consolidated sales for the third quarter of this year amounted to 969.8 billion KRW, an increase of 3.8% compared to the same period last year. Operating profit for the same period was 165.1 billion KRW, up 0.8%.

Coway's cumulative sales for the third quarter increased by 5.8% year-on-year to 2.8759 trillion KRW, and operating profit rose 2.5% to 513.7 billion KRW.

Among third-quarter sales, the domestic environmental home appliance business recorded 571.3 billion KRW, up 2.7% year-on-year, driven by sales of innovative products including the Icon ice water purifier.

In the third quarter of 2022, Coway's overseas subsidiaries posted sales of 354.9 billion KRW, an increase of 6.5% compared to the same period last year. Among overseas subsidiaries, the Malaysian subsidiary's sales reached 276.5 billion KRW, up 7.9% year-on-year.

Kim Soon-tae, Coway's Chief Financial Officer (CFO), said, "In the past third quarter, we recorded stable business performance by leading digital transformation and sales of innovative products," adding, "We will continue to strengthen our research and development capabilities and continuously launch innovative products to maintain stable business performance despite challenging external conditions."

This content was produced with the assistance of AI translation services.