Coway Second Quarter Revenue Rises 12.4 Percent to 905.4 Billion Won

Coway reported second-quarter revenue of 905.4 billion won, up 12.4 percent and the largest quarter in company history. Operating profit was 166.4 billion won, down 1.6 percent. Net profit was 115.8 billion won, down 2.6 percent. Chief financial officer Soon Tae Kim said new products and overseas subsidiaries supported the result despite the pandemic.

Domestic environmental home appliance revenue was a record 558.9 billion won. Domestic rental sales were 340,000 units, and Korean accounts totaled 6.41 million. Overseas subsidiary revenue rose 46.7 percent to 286.0 billion won. Malaysia revenue rose 51.8 percent to 236.7 billion won, and United States revenue rose 11.5 percent to 35.8 billion won. Overseas accounts rose 33.8 percent to 2.25 million. Global rental accounts rose by 650,000 to 8.66 million.

For the first half, revenue rose 13.3 percent to 1,784.4 billion won and operating profit rose 9.5 percent to 337.2 billion won. Overseas revenue was 32.5 percent of the half-year total.