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Doosan Infracore rebounding on expanded sales

All Headlines 09:42 April 14, 2016

SEOUL, April 14 (Yonhap) -- Doosan Infracore Co., a loss-making construction equipment maker, is witnessing an improvement in its business on the back of increased sales in China and other major markets, industry sources said Thursday.

According to sources, Doosan Infracore sold a total of 1,001 excavators in China, the world's largest market for construction equipment, last month to garner 7.6 percent market share there, compared with sales of 828 units, or 6.9 percent, a year earlier.

In the first quarter of the year, demand for excavators in China grew 14 percent on-year, while its sales jumped 25 percent over the cited period.

Its U.S. affiliate, Doosan Bobcat Co., also recorded a record operating income of 386 billion won (US$337 million) on sales 4.04 trillion won last year.

Doosan Infracore took over Doosan Bobcat in 2007 from Caterpillar for $4.9 billion.

The sources said Doosan Infracore logged $4.76 billion in sales last year to post a record high of 3.6 percent share in the global construction equipment market.

Hit by a protracted slump in the construction sector, Doosan Infracore logged a loss of 859 billion won last year with its operating income dropping 94 percent on-year to 27.4 billion won.

Doosan Infracore has been seeking to sell its assets to tide over increased costs and ballooning losses.

sam@yna.co.kr
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