Doosan Bobcat 1Q Consolidated Operating Profit 194.4 Billion KRW... Up 13.5% YoY

[Asia Economy Reporter Moon Chaeseok] Doosan Bobcat announced on the 27th that its consolidated operating profit for the first quarter was tentatively estimated at 194.4 billion KRW, a 13.5% increase compared to the first quarter of last year. Sales rose 34% to 1.6408 trillion KRW during the same period, while net profit decreased by 13% to 100.5 billion KRW.

Doosan Bobcat explained that sales and operating profit increased thanks to proactive product price hikes, the acquisition effect of Doosan Industrial Vehicle, and efficient marketing cost management. The depreciation of the Korean won and the resulting rise in the KRW-USD exchange rate also had an impact. In dollar terms, sales increased by 23.9% year-on-year to 1.362 billion USD, and operating profit rose by 4.9% to 161 million USD.

Doosan Bobcat emphasized that it achieved a double-digit operating profit margin (11.8%) despite global inflation and geopolitical issues.

Sales increased in all regions. Due to volume growth and price hikes, sales in North America and Europe, Middle East & Africa (EMEA) rose by 1.5% and 7.1%, respectively, while the Asia, Latin America & Oceania (ALAO) region saw sales grow 16.8% driven by increased sales in the Indian market and construction growth in Latin America.

Doosan Industrial Vehicle, which was incorporated as a subsidiary in July last year, recorded sales of 223 million USD. Sales growth in the agricultural and landscaping equipment (GME) product line was notable, with first-quarter sales in the North American region increasing 9.6% year-on-year to 120 million USD.

Doosan Bobcat plans to start in-house production from the first half of next year, anticipating continued strong sales growth of the compact tractor launched in 2019.

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