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Doosan Heavy shifts to loss in Q1 on one-off costs

All News 18:37 May 15, 2020

SEOUL, May 15 (Yonhap) -- Doosan Heavy Industries Co., South Korea's top power equipment maker, said Friday that it swung to a net loss in the first quarter from a year earlier due to increased one-off costs.

For the January-March period, Doosan Heavy posted a net loss of 371.4 billion won (US$302 million), shifting from a net profit of 52.8 billion won a year earlier, the company said in a statement.

The company said the net loss is mainly blamed on severance payments and losses from equity ties with Doosan Bobcat Co.

This file photo shows Doosan Group's logo in front of Doosan Tower in Seoul. (Yonhap)

Doosan Bobcat is 51 percent owned by Doosan Infracore Co., a leading heavy construction equipment maker and an affiliate of Doosan Heavy.

Doosan Heavy posted an operating income of 56.5 billion won in the first quarter, a sharp decline from an operating income of 322.4 billion won the previous year.

Sales gained 0.2 percent on-year to reach 3.83 trillion won in the first quarter, it added.


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