SEOUL, August 08 (AJP) - South Korean home appliance rental company Coway reported double-digit revenue growth in the second quarter, driven by robust overseas demand and steady sales of premium products in its home market.
Revenue rose 14.6 percent from a year earlier to 1.44 trillion won ($1.04 billion) in the April-June quarter, while operating profit increased 4.3 percent to 253.2 billion won, according to the company. First-half revenue climbed 13.9 percent to 2.77 trillion won, with operating profit rising 11.1 percent to 504.1 billion won.
International operations remained Coway's strongest growth engine, with overseas revenue surging 24.2 percent year-on-year to 587.5 billion won. Malaysia, the company's largest overseas market, generated 434.5 billion won in quarterly revenue, while sales also increased in the United States, Thailand and Indonesia.
Domestic revenue rose 7.7 percent to 786.8 billion won, supported by strong demand for premium products including ice water purifiers and BEREX beds and massage chairs. Net additions of domestic rental accounts increased 51.6 percent from a year earlier to 242,000 during the quarter.
Coway said it plans to strengthen its position in the premium home wellness market and diversify its product portfolio to sustain growth in the second half of the year.
"Our strong sales momentum and expanding rental account base at home and abroad once again demonstrated the resilience of our business in the second quarter," Chief Financial Officer Kim Soon-tae said in a statement. He said the company would continue expanding its premium product lineup and growth drivers in the second half.
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