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SEOUL, South Korea, May 12, 2023 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," today reported financial results for the first quarter of 2023.
Coway Financial Results
"Coway maintained stable sales revenue and operating profit throughout the first quarter," said Soon Tae Kim, Coway's Chief Financial Officer. "Despite the challenges posed by a global economic recession, we remain committed to achieving stable growth through market share expansion in the global market, innovative product launches, and strategic marketing efforts."
Coway's reported earnings are as follows:
- First-quarter revenue: KRW 948.3 billion (+2.2% YoY)
- First-quarter operating profit: KRW 175.6 billion (+1.7% YoY)
* The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement. |
Domestic home appliance sales revenue rose to KRW 580.4 billion (+3.7% YoY) primarily attributed to successful new products such as water purifiers and the BEREX (Bed & Relax) line-up, with the Smart Mattress leading the way.
The total overseas subsidiaries revenue for Q1 reached KRW 336.4 billion, representing a year-on-year increase of 1.2%. Notably, the key growth-driving subsidiaries, Malaysia and Thailand, demonstrated significant revenue growth, with Malaysia achieving KRW 268.2 billion (+2.1% YoY) and Thailand reaching KRW 21.9 billion (+29.8% YoY).
For additional details about Coway's financial performance, please visit the company's Investor Relations page.
About Coway Co., Ltd.
Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
