Doosan Infracore Reports Operating Profit of 658.6 Billion KRW Last Year, Down 21.6% Year-on-Year

[Asia Economy Reporter Seungjin Lee] Doosan Infracore announced on the 8th that its operating profit for last year was 658.6 billion KRW, a decrease of 21.6% compared to the previous year. Sales were 7.9341 trillion KRW, down 3.1% from the previous year.

In the fourth quarter of last year, sales and operating profit were 2.0208 trillion KRW and 147.2 billion KRW respectively, increasing by 3.8% and 6.2% compared to the same period last year.

Doosan Infracore explained that despite the global market downturn due to the spread of COVID-19, sales decline was minimized thanks to a rebound in the Chinese market.

Looking at performance by business segment, the construction machinery business recorded sales of 3.2298 trillion KRW, a 2.6% increase compared to the previous year, driven by strong performance in the Korean and Chinese markets.

Last year, Doosan Infracore's excavator sales volume in the Chinese market reached 18,686 units, the highest in 10 years. Supported by the increase in sales volume, sales in China grew 17.0% year-on-year to 1.4672 trillion KRW.

On the other hand, the engine business recorded sales of 466.2 billion KRW, down 19.4% from the previous year due to the impact of falling oil prices. Doosan Infracore improved working capital and reduced net borrowings of Doosan Bobcat, resulting in a decrease of 517.2 billion KRW in net borrowings compared to the previous year.

Based on the recovery of global demand, Doosan Infracore expects to achieve sales of 9 trillion KRW this year, a 14% increase compared to last year. Operating profit is also forecasted to increase by 16% to 762.4 billion KRW.

This content was produced with the assistance of AI translation services.