Doosan Bobcat Reports Q1 Revenue of 2.3 Trillion KRW with Operating Margin of 13.6%

Doosan Bobcat announced on the 29th that it achieved sales of 2.3946 trillion KRW and operating profit of 326 billion KRW, resulting in an operating profit margin of 13.6% for the first quarter on a consolidated financial statement basis.

Although the base last year was high, sales remained at a similar level (-0.4%) compared to the same period last year, supported by strong sales of compact equipment in the North American region, while operating profit decreased by 12% due to increased promotion costs. The depreciation of the Korean won reduced the decline in sales and operating profit in dollar terms. On the other hand, net profit increased by 4.5% due to foreign currency valuation effects caused by exchange rate fluctuations.

Based on the functional currency dollar, which is the basis for Doosan Bobcat's financial statements, sales decreased by 4.4% year-on-year to 1.803 billion USD, and operating profit fell by 15.3% to 245 million USD. Net borrowings stood at -357 million USD, maintaining a net cash position due to favorable operating activities.

Looking at sales by product (in dollar terms), compact equipment for construction, agriculture, and landscaping maintained the previous year's level with a 1% decrease despite a high base effect, industrial vehicles decreased by 16% due to deferred equipment purchases amid high interest rates, and portable power also declined by 16% as pent-up demand was exhausted.

By region, sales decreased compared to the previous year in all areas: North America -2%, EMEA (Europe, Middle East, and Africa) -14%, and ALAO (Asia, Latin America, and Oceania) -6%.

A Doosan Bobcat official stated, "Although the market is taking a breather this year after last year's historic boom, considering positive economic indicators in the North American region, demand for compact equipment is expected to continue, and growth is anticipated in the Middle East and South America."

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