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Doosan Infracore Q2 net surges on asset sale, cost-saving measures

All News 15:57 July 18, 2016

SEOUL, July 18 (Yonhap) -- Doosan Infracore Co., South Korea's top construction equipment maker, said Monday that its second-quarter earnings soared on the back of asset sales and reduced costs in the wake of tough restructuring.

Net profit reached 224 billion won in the April-June period, compared with 9.5 billion won a year earlier, the company said in a regulatory filing.

Operating income more than doubled to 174 billion won from a year earlier, while sales edged down 0.2 percent on-year to reach 1.62 trillion won.

Doosan Infracore attributed the sharp improvement in its bottom line to cost-saving measures and asset sales.

Earlier, Doosan Infracore sold its machine tool business for over 1 trillion won to a local private equity fund.

Its debt-to-equity ratio fell to 211.4 percent at the end of June, from 250.5 percent three months earlier, it said.

Doosan Infracore closed at 7,600 won on the Seoul bourse, up 2.56 percent from the previous session's close.

The benchmark KOSPI index rose 0.19 percent. The second-quarter earnings were released after the market closed.


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