[Infostock Daily= Reporter Park Sang-In] Coway's operating profit rose 22.4% in the second quarter of this year despite COVID-19.
Coway announced on the 5th that its sales in the second quarter of this year increased 6.6% year-on-year to 805.5 billion won. Operating profit and net profit increased 22.4% and 16.7% year-on-year respectively to 169.2 billion won and 118.9 billion won. In the second quarter following the first quarter, Coway's sales in the first half of this year rose 7.5% to 1.5744 trillion won and operating profit rose 12.7% to 308 billion won year-on-year.
In the second quarter of this year, Coway's sales from its domestic home appliance business reached 552.9 billion won, achieving a stable net account growth despite the influence of COVID-19. The company explained that it received positive responses from the market in the second quarter by releasing a series of products with innovative technologies such as AIS water purifier and wall-mounted air purifier. It also continued to expand its sales by strengthening its competitiveness by expanding its mattress lineup.
In addition, overseas business sales in the second quarter of this year increased 25% year-on-year to 225.5 billion won thanks to the promotion of major overseas subsidiaries and efforts to diversify overseas customers. In particular, Malaysia surpassed a total of 1.52 million accounts, up 32% from the same period last year, with sales of 155.9 billion won. The mattress specific care rental service launched in January has settled in the market steadily and has maintained steady growth with various marketing communication effects. In the US market, sales of bidet increased by 35% year-on-year to 32.1 billion won.
As of the second quarter, Coway's total customer accounts are 801 million accounts. Domestic has 6.33 million accounts, while overseas has 1.68 million accounts.
Reporter Park Sang-In si2020@infostock.co.kr
