{"id":21038,"date":"2023-08-09T08:00:00","date_gmt":"2023-08-09T08:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4177496_AE77496_0"},"modified":"2023-08-09T08:00:00","modified_gmt":"2023-08-09T08:00:00","slug":"coway-announces-financial-results-for-q2-fy2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=21038","title":{"rendered":"Coway Announces Financial Results for Q2 FY2023"},"content":{"rendered":"<div id=\"dvContent\" readability=\"104.51884057971\">\n<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1395396\/Logo_Logo.jpg?p=medium600\" border=\"0\" alt title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"xn-location\">SEOUL, South Korea<\/span>, <span class=\"xn-chron\">Aug. 9, 2023<\/span> \/PRNewswire\/ &#8212; Coway Co., Ltd., the &#8220;Best Life Solution Company,&#8221; today reported financial results for the second quarter of 2023.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder8465\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2172139\/Image__Coway_Financial_Results.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2172139\/Image__Coway_Financial_Results.jpg?p=medium600\" title=\"Coway Financial Results\" alt=\"Coway Financial Results\"><\/a><br \/><span>Coway Financial Results<\/span><\/p>\n<\/p><\/div>\n<p>&#8220;We&#8217;ve successfully sustained steady growth through global market expansion, innovative product offerings, and strategic marketing efforts, despite difficult market circumstances,&#8221; commented <span class=\"xn-person\">Soon Tae Kim<\/span>, Chief Financial Officer of Coway. &#8220;Our strategies for the rest of the year will focus on further strengthening both local performance in Korea and international business activities while fostering the growth of our sleep and wellness brand BEREX.&#8221;<\/p>\n<p>Coway&#8217;s reported earnings are as follows:<\/p>\n<ul type=\"disc\">\n<li>Second-quarter revenue: <span class=\"xn-money\">KRW 1,006.2 billion<\/span> (+2.9% YoY)<\/li>\n<li>Second-quarter operating profit: <span class=\"xn-money\">KRW 194.2 billion<\/span> (+10.3% YoY)<br \/>* The reported figures are taken from the consolidated&nbsp;K-IFRS&nbsp;(International Financial Reporting Standards) statement.<\/li>\n<\/ul>\n<p>Cumulative revenue for 2023 has now reached <span class=\"xn-money\">KRW 1,954.5 billion<\/span> (+2.5% YoY) and an operating profit of <span class=\"xn-money\">KRW 369.8 billion<\/span> (+6.1% YoY).<\/p>\n<p>Domestic health appliance sales revenue rose to <span class=\"xn-money\">KRW 590.4 billion<\/span> (+2.9% YoY), primarily attributed to successful product sales across various categories, including water purifiers, air purifiers, and mattresses.<\/p>\n<p>The total overseas subsidiaries revenue for Q2 reached <span class=\"xn-money\">KRW 378.9 billion<\/span>, marking a 7.0% year-on-year. The key growth drivers, <span class=\"xn-location\">Malaysia<\/span> and the <span class=\"xn-location\">USA<\/span>, demonstrated substantial revenue growth, with <span class=\"xn-location\">Malaysia<\/span> achieving <span class=\"xn-money\">KRW 285.6 billion<\/span> (+3.9% YoY) and <span class=\"xn-location\">USA<\/span> reaching <span class=\"xn-money\">KRW 61.1 billion<\/span> (+13.7% YoY). Meanwhile, the steadily advancing <span class=\"xn-location\">Thailand<\/span> subsidiary recorded a noteworthy revenue surge to <span class=\"xn-money\">KRW 24.5 billion<\/span>, for a remarkable growth of 25.7% year-on-year.<\/p>\n<p>For additional details about Coway&#8217;s financial performance, please visit the company&#8217;s <a href=\"http:\/\/www.cowayir.com\/ir\/Index\" target=\"_blank\" rel=\"nofollow noopener\">Investor Relations<\/a> page.<\/p>\n<p><b><i>About Coway Co., Ltd. <\/i><\/b><\/p>\n<p>Established in Korea in 1989, Coway, the &#8220;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&nbsp;Malaysia, the&nbsp;USA,&nbsp;Thailand,&nbsp;China,&nbsp;Indonesia, <span class=\"xn-location\">Vietnam<\/span>, <span class=\"xn-location\">Japan<\/span>, and <span class=\"xn-location\">Europe<\/span>, based on the business success in Korea. For more information, please visit&nbsp;<a href=\"http:\/\/www.coway.com\/\" target=\"_blank\" rel=\"nofollow noopener\">http:\/\/www.coway.com\/<\/a>&nbsp;or <a href=\"http:\/\/newsroom.coway.com\/\" target=\"_blank\" rel=\"nofollow noopener\">http:\/\/newsroom.coway.com<\/a>.<\/p>\n<\/p><\/div>\n<p>Source: Coway Co., Ltd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEOUL, South Korea, Aug. 9, 2023 \/PRNewswire\/ &#8212; Coway Co., Ltd., the &#8220;Best Life Solution Company,&#8221; today reported financial results for the second quarter of 2023. Coway Financial Results &#8220;We&#8217;ve successfully sustained steady growth through global market expansion, innovative product offerings, and strategic marketing efforts, despite difficult market circumstances,&#8221; commented Soon Tae Kim, Chief Financial [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":21039,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-21038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Coway Announces Financial Results for Q2 FY2023 - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=21038\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coway Announces Financial Results for Q2 FY2023 - My Blog\" \/>\n<meta property=\"og:description\" content=\"SEOUL, South Korea, Aug. 9, 2023 \/PRNewswire\/ &#8212; Coway Co., Ltd., the &#8220;Best Life Solution Company,&#8221; today reported financial results for the second quarter of 2023. 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