Doosan Bobcat Posts Operating Profit of 1 Trillion Won for 2 Consecutive Years... Debt Also Decreases
Doosan Bobcat announced on the 27th that its consolidated sales for the third quarter reached 2.366 trillion KRW, with an operating profit of 297.6 billion KRW.
Doosan Bobcat explained that despite the negative base effect from last year's high growth, sales for the quarter were maintained at last year's level (a 0.5% decrease compared to the same period last year), and operating profit decreased by 6% due to active marketing expenditures. The operating profit margin recorded 12.6%, down 0.7 percentage points.
Accumulated sales for the first three quarters reached 7.4433 trillion KRW, and operating profit was 1.1338 trillion KRW, representing growth of 19% and 38% respectively compared to the previous year. Operating profit exceeded 1 trillion KRW for the second consecutive year.
Additionally, Doosan Bobcat successfully converted to net cash for the first time by reducing net borrowings from 67 million USD at the end of the first half to negative 96 million USD this quarter.
Sales of small equipment for construction and agriculture/landscaping remained at last year's level, while the portable power product line, which saw increased demand due to rising oil prices, grew by 16%. The industrial vehicle product line recorded 5% growth, supported by sustained customer demand across its sales network throughout North America.
Sales in the EMEA (Europe, Middle East, and Africa) region grew by 13%, driven by increased loader demand in the Middle East. North America maintained last year's sales level, while ALAO (Asia, Latin America, and Oceania) saw a 9% decrease in sales compared to the previous year due to the strong dollar.
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A Doosan Bobcat representative stated, "Despite concerns about a peak-out in the industry over the past five years and uncertainties such as COVID-19, we have doubled our scale compared to 2019 through organic growth and corporate acquisitions," adding, "We are reviewing various opportunities for long-term growth based on stable cash flow."
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