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(2nd LD) Doosan Infracore Q1 net almost halves on decreased sales

All News 17:46 April 29, 2020

(ATTN: UPDATES with earnings of Doosan Bobcat in paras 7-9)

SEOUL, April 29 (Yonhap) -- Doosan Infracore Co., South Korea's largest construction equipment maker by sales, said Wednesday that its first-quarter net profit fell 43 percent from a year earlier due to decreased sales amid the spread of the novel coronavirus.

Net profit reached 74.6 billion won (US$61.3 million) in the January-March period, down from a profit of 130.6 billion won a year earlier, the company said in a regulatory filing.

The excavator maker said slowing overseas sales, especially in China, cut into the quarterly bottom line.

This photo provided by Doosan Infracore Co. shows its excavator working on a construction site in Europe. (Yonhap)

Doosan Infracore said exports account for more than two-thirds of its total sales.

The company said its operating profit fell 27.6 percent on-year to 181 billion won, and sales declined 7.9 percent to reach 2 trillion won in the first quarter.

Shares in Doosan Infracore rose 1.06 percent to 4,295 won on the Seoul bourse, roughly in line with the broader KOSPI's 0.7 percent gain.

Also on Wednesday, Doosan Bobcat said it posted a net profit of 33.5 billion won in the January-March period, compared with a net profit of 68.5 billion won.

The maker of compact loaders and compact excavators said its operating profit fell 23.4 percent on-year to 86.8 billion won, while sales edged up 0.2 percent to reach 1.06 trillion won in the first quarter.

Doosan Infracore holds a controlling 51.05 percent stake in Doosan Bobcat Inc.


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