+ A

Doosan Infracore net profit up 14.9 percent in Q3

Oct 31,2018
Doosan Infracore, Korea’s largest construction equipment maker by sales, said Tuesday that its third-quarter net profit jumped 14.9 percent from a year earlier as robust sales offset foreign-exchange losses.

Net profit reached 88.7 billion won ($77.8 million) in the July-September period, up from a profit of 77.2 billion won a year earlier, the company said in a regulatory filing.

The excavator maker said increased sales in China, Southeast Asia, North America and Europe boosted its quarterly bottom line, despite a strong won.

A strong won drives down the value of dollar-denominated overseas earnings when converted into the local currency.

Doosan Infracore said exports account for about 90 percent of its total sales, of which the Chinese market makes up 17.8 percent.

The company said its operating profit jumped 33 percent on-year to 191.4 billion won, while sales surged 16.5 percent to reach 1.84 trillion won in the third quarter.


Yonhap