Coway Reports First-Quarter Operating Profit of 250.9 Billion Won, Up 19% Year-on-Year
Sales Reach 1.33 Trillion Won
New Product Success and Full-Scale Product Line Expansion
Coway announced on May 8 that its consolidated sales for the first quarter of this year reached 1.3297 trillion won, with operating profit at 250.9 billion won. Both sales and operating profit increased by 13.2% and 18.8%, respectively, compared to the same period last year.
Coway's domestic business sales for the first quarter grew by 9.5% year-on-year to 742.8 billion won. This growth was driven by the launch of new products such as the Icon Water Purifier 3 and BEREX Pebble Chair 2, as well as the introduction of the home medical device brand, Terrasol, which strengthened the company's product portfolio and expanded overall rental sales. The "Coway Festa" promotion, launched at the end of February, boosted new rental sales across all product lines, and in particular, new sales of BEREX beds in the first quarter increased by more than 30% compared to the same period last year. On this basis, net additions to domestic rental accounts in the first quarter rose by 81.8% year-on-year, reaching 188,000 units.
Sales from Coway's overseas subsidiaries in the first quarter amounted to 537 billion won, up 20.2% from a year earlier. Sales by major subsidiaries were as follows: Malaysia subsidiary, 406.2 billion won; U.S. subsidiary, 57.5 billion won; Thailand subsidiary, 55.4 billion won; and Indonesia subsidiary, 12.6 billion won, continuing the trend of strong performance.
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According to Coway CFO Kim Soontae, "We further solidified our market dominance in the first quarter, maintaining robust growth led by upgraded new products that continue the legacy of our bestsellers." He added, "With balanced sales results in both domestic and overseas markets, we plan to continue this profitable growth trajectory into the second quarter by launching innovative products and strengthening both online and offline brand marketing strategies."
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