{"id":2405,"date":"2021-11-05T12:22:00","date_gmt":"2021-11-05T12:22:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3565589_AE65589_0"},"modified":"2021-11-05T12:22:00","modified_gmt":"2021-11-05T12:22:00","slug":"coway-announces-financial-results-for-q3-fy2021","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=2405","title":{"rendered":"Coway Announces Financial Results for Q3 FY2021"},"content":{"rendered":"<div id=\"dvContent\" readability=\"114.70517928287\">\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<ul type=\"disc\">\n<li>Coway reported total revenue of <span class=\"xn-money\">KRW 934.0 billion<\/span> (+16.7% YoY), and an operating profit of <span class=\"xn-money\">KRW 163.8 billion<\/span> (-2.9% YoY) for the third quarter of FY2021 <\/li>\n<li>The company&#8217;s total number of accounts for Q3 2021 has reached 8.87 million, thanks to a stable net increase in accounts <\/li>\n<li>Coway aims to continue this growth pattern with new innovations like the Noble water purifier series<\/li>\n<\/ul>\n<p><span class=\"xn-location\">SEOUL, South Korea<\/span>, <span class=\"xn-chron\">Nov. 5, 2021<\/span> \/PRNewswire\/ &#8212; Coway Co., Ltd., &#8220;The Best Life Solution Company,&#8221; today reported financial results for the third quarter of 2021.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder7346\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/1679933\/Image__Coway_Financial_Results.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1679933\/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 saw a boost in product sales and an improvement in product quality during the third quarter, and that&#8217;s reflected in the company&#8217;s solid earnings,&#8221; says <span class=\"xn-person\">Soon Tae Kim<\/span>, chief financial officer of Coway. &#8220;In the fourth quarter, we&#8217;ll do our best to maintain the stable growth from the launch of new innovations like the Noble water purifier series.&#8221;<\/p>\n<p>Coway reported the following earnings:<\/p>\n<p>&#8211; Third-quarter revenue: <span class=\"xn-money\">KRW 934.0 billion<\/span> (+16.7% YoY)<\/p>\n<p>&#8211; Third-quarter operating profit: <span class=\"xn-money\">KRW 163.8 billion<\/span> (-2.9% YoY)<\/p>\n<p>The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.<\/p>\n<p>The company reported third-quarter revenue of <span class=\"xn-money\">KRW 934.0 billion<\/span> (+16.7% YoY) and an operating profit of <span class=\"xn-money\">KRW 163.8 billion<\/span> (-2.9% YoY). Cumulative sales for 2021 are estimated at <span class=\"xn-money\">KRW 2,718.4 billion<\/span> (+14.5% YoY), with an operating profit of <span class=\"xn-money\">KRW 501.0 billion<\/span> (+5.1% YoY). <\/p>\n<p>The domestic environmental home appliance sales recorded <span class=\"xn-money\">KRW 556.2 billion<\/span> revenue (+9.6% YoY) thanks to innovative new product releases like the Icon water purifier and Noble air purifier. In addition, the Korean rental sales increased by 330,000 to reach a total of 6.47 million.<\/p>\n<p>Overseas subsidiaries reported <span class=\"xn-money\">KRW 333.1 billion<\/span> revenue for the third quarter, up 39.2% year over year. <span class=\"xn-location\">Malaysia<\/span> and the <span class=\"xn-location\">USA<\/span>, who remain the key growth drivers, grew their revenue to <span class=\"xn-money\">KRW 256.2 billion<\/span> (+43.3% YoY) and <span class=\"xn-money\">KRW 58.0 billion<\/span> (+11.9% YoY), respectively. In total, the number of overseas accounts has increased by 32.7% and now sits at 2.40 million.<\/p>\n<p>Across both the global and domestic markets, the total number of accounts rose by 760,000 in Q3 and is now 8.87 million.<\/p>\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>&nbsp;page.<\/p>\n<p><b><i>About Coway Co., Ltd. <\/i><\/b><\/p>\n<p>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&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 target=\"_blank\" href=\"http:\/\/www.coway.com\/\" rel=\"nofollow noopener\">http:\/\/www.coway.com\/<\/a>&nbsp;or <a target=\"_blank\" href=\"http:\/\/newsroom.coway.com\/\" 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>Coway reported total revenue of KRW 934.0 billion (+16.7% YoY), and an operating profit of KRW 163.8 billion (-2.9% YoY) for the third quarter of FY2021 The company&#8217;s total number of accounts for Q3 2021 has reached 8.87 million, thanks to a stable net increase in accounts Coway aims to continue this growth pattern with [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":2406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-2405","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 - 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