Coway Announces Financial Results for Q1 FY2023

"Coway maintained stable sales revenue and operating profit throughout the first quarter," said Soon Tae Kim, Coway's Chief Financial Officer. "Despite the challenges posed by a global economic recession, we remain committed to achieving stable growth through market share expansion in the global market, innovative product launches, and strategic marketing efforts."

Coway Financial Results

Coway's reported earnings are as follows:

- First-quarter revenue: KRW 948.3 billion (+2.2% YoY)- First-quarter operating profit: KRW 175.6 billion (+1.7% YoY)

* The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.

Domestic home appliance sales revenue rose to KRW 580.4 billion (+3.7% YoY) primarily attributed to successful new products such as water purifiers and the BEREX (Bed & Relax) line-up, with the Smart Mattress leading the way.

The total overseas subsidiaries revenue for Q1 reached KRW 336.4 billion, representing a year-on-year increase of 1.2%. Notably, the key growth-driving subsidiaries, Malaysia and Thailand, demonstrated significant revenue growth, with Malaysia achieving KRW 268.2 billion (+2.1% YoY) and Thailand reaching KRW 21.9 billion (+29.8% YoY).

For additional details about Coway's financial performance, please visit the company's Investor Relations page.