Coway Third Quarter Revenue Rises 16.7 Percent to 934 Billion Won

Coway reported third quarter revenue of 934.0 billion won, up 16.7 percent from a year earlier. Operating profit was 163.8 billion won, down 2.9 percent. For the first nine months, sales were about 2,718.4 billion won, up 14.5 percent, and operating profit was 501.0 billion won, up 5.1 percent. Figures are consolidated under Korean international accounting standards.

Domestic environmental home appliance revenue was 556.2 billion won, up 9.6 percent, and Korean rental accounts rose by 330,000 to 6.47 million. Overseas subsidiaries reported 333.1 billion won, up 39.2 percent. Malaysia revenue was 256.2 billion won, up 43.3 percent, and the United States was 58.0 billion won, up 11.9 percent. Overseas accounts rose 32.7 percent to 2.40 million. Total accounts, domestic and overseas, were 8.87 million after a gain of 760,000 in the quarter.

Chief financial officer Soon Tae Kim said product sales and quality improvements showed up in the quarter and that the company would try to extend that pattern with the Noble water purifier line.