Coway enjoys growth on solid sales in Malaysia

Home appliance maker and rental company Coway is expecting a robust first quarter, as its business in Malaysia is driving overall profitability growth in its overseas operations. As of Monday, brokerages expect Coway to post 1.3 trillion won ($873 million) in sales and 233.4 billion won in operating profit for the first quarter, up 10.6 percent and 10.5 percent, respectively. The balanced growth in both sales and operating profit is expected to be driven not only by its domestic business but also by its overseas operations, particularly the Malaysia market. According to the company, its Malaysian unit posted 373 billion won in sales and 56.2 billion won in operating profit during the fourth quarter of last year, achieving 20.9 percent and 6.8 percent year-on-year growth, respectively. Meritz Securities analyst Park Jong-dae expected the company’s Malaysia unit will post around 20 percent year-on-year revenue growth in the first quarter, highlighting that air conditioner sales have been rising quickly. Coway’s core business includes the rental of water purifiers, air purifiers and othe

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