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Doosan Heavy 2019 net losses narrow on equity gains

All News 17:53 February 14, 2020

SEOUL, Feb. 14 (Yonhap) -- Doosan Heavy Industries & Construction Co., South Korea's leading plant builder, said Friday its net losses sharply narrowed in 2019 from a year earlier helped by shareholding gains from its affiliates.

Net losses narrowed to 104.37 billion won (US$88 million) last year from 421.73 billion won a year ago, the company said in a regulatory filing.

"Increased equity gains from Doosan Infracore and Doosan Bobcat helped reduce on-year net losses last year," a Doosan spokesman said over the phone.

Infracore posted improved annual results on strong sales of construction equipment engines in China and emerging markets, while Bobcat's earnings were helped by higher demand for construction equipment in the U.S. market, he said.

Operating profit rose 7.3 percent to 1.08 trillion won in 2019 from 1 trillion won a year earlier. Sales climbed 6.1 percent to 15.66 trillion won from 14.76 trillion won during the same period.

kyongae.choi@yna.co.kr
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