SEOUL, South Korea Daewoo Electronics weathered last year's economic crisis in South Korea with record sales of $3.8 billion, up 12.9 percent over 1997.
The sales increase contrasted sharply with declines in the aftermath of South Korea's currency crisis of 1997. Increased sales of household appliances accounted for much of the 1998 boost, Daewoo said. The company said it finished ahead of rival Samsung Electronics in appliance sales last year.
Daewoo officials reported at the company's annual stockholders' meeting here that 1998 sales were largely driven by exports, which reached $3.3 billion on a 40.5 percent increase over 1997. Exports accounted for 87.1 percent of 1998 sales, the company said. Meanwhile, domestic sales plummeted by 35.9 percent to $484.3 million.
Despite the jump in exports, Daewoo reported lower net profits of $3.6 million for 1998.
Exclusive to EE Times by Chom Dan Inc. (Seoul, South Korea).