Doosan Bobcat Q1 Operating Profit 171.3 Billion KRW... "Best Performance in 10 Years" (Comprehensive)

[Asia Economy Reporter Jeong Hyunjin] Doosan Bobcat achieved its highest quarterly performance in 10 years due to increased demand following economic recovery.

Doosan Bobcat announced on the 27th through an electronic disclosure that its sales in the first quarter of this year reached $1.099 billion, and operating profit was $154 million. This is the highest quarterly performance in 10 years since 2012.

Sales increased by 23.3% compared to the first quarter of last year due to increased demand following economic recovery. Operating profit rose 111% year-on-year due to increased sales volume, improved product mix, and reduced promotion costs, recording an operating profit margin of 14%. Net profit increased by 268.8% year-on-year to $104 million.

In Korean won terms, sales and operating profit were 1.2248 trillion KRW and 171.3 billion KRW respectively, up 15.1% and 97.3% compared to the same period last year.

Doosan Bobcat showed balanced growth across regions in the first quarter. In North America, sales increased by 26% year-on-year as demand rose for core products such as compact loaders and mini excavators, as well as agricultural and landscaping equipment (GME), driven by the Biden administration's economic stimulus measures and a low interest rate environment.

In the Europe, Middle East, and Africa (EMEA) region, despite delayed market recovery, sales increased by 9.4% year-on-year due to strong sales of mini excavators, a key product. The market share of mini excavators in the first quarter was 9.3%, up 0.7 percentage points from the end of last year, maintaining an upward trend since 2017. Sales in emerging markets such as Asia, South America, and Oceania increased by 42.5% year-on-year, driven by demand growth in most countries, especially Oceania and China.

A Doosan Bobcat official stated, "Demand for construction equipment in the U.S. market is increasing, and demand for agricultural and landscaping equipment is expected to remain steady, so we anticipate continued strong operating performance in the remaining quarters." He added, "Once the recently announced acquisition of Doosan Corporation's forklift business is completed, growth in scale will accelerate further."

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