Coway First Quarter Revenue Rises 5.6 Percent to 1.002 Trillion Won
Coway Co., Ltd. reported first quarter 2024 revenue of 1,001.8 billion won, up 5.6 percent from a year earlier, with operating profit of 193.7 billion won, up 10.3 percent.
Domestic revenue rose 5.5 percent to 612.3 billion won, helped by sales of water purifiers and products under its BEREX sleep and wellness brand. Overseas subsidiaries generated 355.1 billion won, also up 5.5 percent. Revenue from the U.S. subsidiary rose 15.7 percent to 44.9 billion won and revenue in Thailand rose 36.2 percent to 29.8 billion won.
Chief Financial Officer Kim Soon-tae said the company had topped 1 trillion won in quarterly revenue for four consecutive quarters, and that a new ice water purifier and BEREX products should support results in the second quarter.
Coway sells water purifiers, air purifiers, bidets, mattresses and other home appliances, largely on a rental basis, through a sales force of home care specialists.
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