It has been found that Coway posted its largest quarterly operating profit in the first quarter of this year. The company is planning to reach 2.7 trillion won (US$2.4 billion) in sales this year by releasing clothes cleaners and so on in the first half.
According to the Financial Supervisory Service, Coway’s sales totaled 647.8 billion won (US$583 million), up 6.2% from a year ago, in the first quarter. During the period, the company’s operating and net profits increased 8.6% and 26.2% to 131.3 billion won (US$118 million) and 95.2 billion won (US$85 million), respectively.
The solid growth was led by rental products such as water purifiers, air cleaners and bed mattresses, which reached a record-high rental volume of 460,000 units both at home and abroad with a year-on-year growth of 10%. When it comes to overseas markets, its corporations in Malaysia and the United States led the growth.
Coway is planning to release various new products in the second quarter, including clothes cleaners for use in every season. These products are characterized by providing management for not only clothes but also the space where the clothes are in by means of Coway’s unique Air Care technology. The products are expected to become popular with more and more consumers with environmental problems such as particular matter showing no signs of disappearing.