SEOUL, November 06 (AJP) - South Korean home appliance maker Coway reported a 7.3 percent year-on-year increase in third-quarter operating profit Friday, driven by continued growth in its overseas businesses.
Operating profit reached 260.8 billion won ($184 million), while revenue rose 13.7 percent to 1.43 trillion won, the company said in a regulatory filing.
Revenue from overseas subsidiaries jumped 26.2 percent to 591.8 billion won, led by growth in Malaysia and the United States.
The Malaysian subsidiary posted revenue of 428 billion won, up 21.5 percent from a year earlier, while U.S. revenue surged 45.8 percent to 83.9 billion won. Revenue in Thailand and Indonesia increased 38 percent and 21.8 percent, respectively.
Domestic revenue rose 2 percent to 754.9 billion won, supported by sales of water purifiers, beds and massage chairs, alongside newly introduced food waste disposers and wall-mounted air conditioners.
New rental sales increased 7.3 percent, while net rental account additions rose 26.7 percent to 214,000.
Coway Chief Financial Officer Kim Soon-tae attributed the results to steady demand for home appliances and expansion into new product categories in domestic and overseas markets.
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