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Biz News Korea(Eng)
Coway’s 2016 OP dips 20% on recall, sales record-high
- Collected
- 2017.02.16
- Distributed
- 2017.02.20
- Source
- Go Direct
Coway announced Wednesday its operating profit on a consolidated basis sank 26.9 percent on year to 338.8 billion won ($297 million) in 2016. Sales hit an all-time high of 2.38 trillion won last year, up 2.6 percent on year, thanks to brisk overseas performance.
The company rented out 1.4 million units of home appliances throughout last year, recovering from immediate rush of cancellation after the scare over contaminated purifiers. Contract cancellation rate eased to 1.18 percent in the fourth quarter.
Overseas sales reached 217 billion won last year, up 45.4 percent on year, on strong shipment in air purifiers to smog-ridden China and strong performance in Malaysia and the U.S.
Its Malaysia unit registered 58.2 percent jump in rental subscribers that reached 431,000 last year. Its U.S. unit also reported 9.9 percent growth in customers to 102,000 and 5.2 percent gain in sales to 60.2 billion won.
The company this year targets an operating profit of 494 billion won, gaining 45.8 percent from last year, on sales of 2.67 trillion won.
It will pay out dividends quarterly from this year and help to bolster shareholder values through buyback program of 100 billion won, of which 70 billion won worth would be cancelled.
Shares of Coway fell 0.89 percent or 800 won to 89,000 won in Seoul trading Wednesday.
By Jin Young-tae
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]