{"id":492270,"date":"2021-05-12T09:07:06","date_gmt":"2021-05-12T13:07:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/coway-announces-financial-results-for-q1-fy2021\/"},"modified":"2021-05-12T09:07:06","modified_gmt":"2021-05-12T13:07:06","slug":"coway-announces-financial-results-for-q1-fy2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/coway-announces-financial-results-for-q1-fy2021\/","title":{"rendered":"Coway Announces Financial Results for Q1 FY2021"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<ul type=\"disc\">\n<li>For the first quarter of FY2021, Coway reported total revenue of <span class=\"xn-money\">KRW 879.0 billion<\/span> (+14.3% YoY), operating profit of <span class=\"xn-money\">KRW 170.7 billion<\/span> (+23.0% YoY), and net profit of <span class=\"xn-money\">KRW 125.8 billion<\/span> (+23.8% YoY) <\/li>\n<li>Overseas subsidiaries had revenue of <span class=\"xn-money\">KRW 294.2 billion<\/span> (+56.4% YoY), with the total number of overseas accounts exceeding the 2 million mark <\/li>\n<li>Innovative product launches and strategic marketing drove growth in the domestic market<\/li>\n<\/ul>\n<p>\n        <span class=\"xn-location\">SEOUL, South Korea<\/span>, <span class=\"xn-chron\">May 12, 2021<\/span> \/PRNewswire\/ &#8212; Coway Co., Ltd., a leading environmental home appliances company, announced its financial results for the first quarter of 2021. <\/p>\n<p>&#8220;Exciting new products and impactful marketing campaigns propelled our performance, both domestically and internationally,&#8221; said <span class=\"xn-person\">Soon Tae Kim<\/span>, chief financial officer of Coway. &#8220;To drive long-term growth, we&#8217;ll continue to focus on our competitiveness in the domestic market while expanding further into overseas markets.&#8221;<\/p>\n<p>Coway reported the following earnings:<\/p>\n<ul type=\"disc\">\n<li>First-quarter revenue: <span class=\"xn-money\">KRW 879.0 billion<\/span> (+14.3% YoY) <\/li>\n<li>First-quarter operating profit: <span class=\"xn-money\">KRW 170.7 billion<\/span> (+23.0% YoY) <\/li>\n<li>First-quarter net profit: <span class=\"xn-money\">KRW 125.8 billion<\/span> (+23.8% YoY)<\/li>\n<\/ul>\n<p>The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.<\/p>\n<p>The consolidated revenue for domestic environmental home appliance sales reached <span class=\"xn-money\">KRW 538.5 billion<\/span> thanks to a stable rise in rental accounts. The number of domestic rental sales was 321,000, with 6.36 million accounts in Korea.<\/p>\n<p>Overseas subsidiaries reported revenue of <span class=\"xn-money\">KRW 294.2 billion<\/span> for the first quarter, up 56.4% year over year. <span class=\"xn-location\">Malaysia<\/span> and the <span class=\"xn-location\">USA<\/span>, the standout overseas subsidiaries, performed highly in Q1, reporting <span class=\"xn-money\">KRW 240.4 billion<\/span> (+56.8% YoY) and <span class=\"xn-money\">KRW 42.9 billion<\/span> (+57.9% YoY), respectively. The total number of overseas accounts has increased by 32.7% to now reach 2.1 million, breaking the 2 million mark.<\/p>\n<p>The company&#8217;s total rental accounts for the first quarter of 2021 <span id=\"spanHghlt3686\">have<\/span> risen by 560,000 to 8.46 million. The overall success of overseas business accounts was a key driver here.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder4824\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1508670\/Coway_Financial_Result.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1508670\/Coway_Financial_Result.jpg\" title=\"Coway Financial Result\" alt=\"Coway Financial Result\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>For additional details about Coway&#8217;s financial performance, please visit the company&#8217;s <a target=\"_blank\" href=\"http:\/\/www.cowayir.com\/ir\/Index\" rel=\"nofollow noopener\">Investor Relations<\/a>\u00a0page.<\/p>\n<p>\n        <b><br \/>\n          <i>About Coway Co., Ltd.<\/i><br \/>\n        <\/b><br \/>\n        <br \/>Established in Korea in 1989, Coway, &#8220;The Best Life Solution Company,&#8221; is a leading environmental home appliances company making people&#8217;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 <span class=\"xn-location\">Malaysia<\/span>, the <span class=\"xn-location\">USA<\/span>, <span class=\"xn-location\">Thailand<\/span>, and <span class=\"xn-location\">China<\/span>, based on the business success in Korea. For more information, please visit <a target=\"_blank\" href=\"http:\/\/www.coway.com\/\" rel=\"nofollow noopener\">http:\/\/www.coway.com\/<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1395396\/Logo_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1395396\/Logo_Logo.jpg\" title=\"(PRNewsfoto\/Coway Co., Ltd.)\" alt=\"(PRNewsfoto\/Coway Co., Ltd.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN75161&amp;sd=2021-05-12\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/coway-announces-financial-results-for-q1-fy2021-301289597.html\">http:\/\/www.prnewswire.com\/news-releases\/coway-announces-financial-results-for-q1-fy2021-301289597.html<\/a><\/p>\n<p>SOURCE  Coway Co., Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN75161&amp;Transmission_Id=202105120900PR_NEWS_USPR_____CN75161&amp;DateId=20210512\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire For the first quarter of FY2021, Coway reported total revenue of KRW 879.0 billion (+14.3% YoY), operating profit of KRW 170.7 billion (+23.0% YoY), and net profit of KRW 125.8 billion (+23.8% YoY) Overseas subsidiaries had revenue of KRW 294.2 billion (+56.4% YoY), with the total number of overseas accounts exceeding the 2 million mark Innovative product launches and strategic marketing drove growth in the domestic market SEOUL, South Korea, May 12, 2021 \/PRNewswire\/ &#8212; Coway Co., Ltd., a leading environmental home appliances company, announced its financial results for the first quarter of 2021. &#8220;Exciting new products and impactful marketing campaigns propelled our performance, both domestically and internationally,&#8221; said Soon Tae Kim, chief financial officer of Coway. &#8220;To &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/coway-announces-financial-results-for-q1-fy2021\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Coway Announces Financial Results for Q1 FY2021&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-492270","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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