Doosan Corp. reports first quarterly profit since 2019
Doosan Corp. reported 402.3 billion won ($360 million) in net profit in the first quarter from a 379.85-billion-won net loss in the same period last year on improved earnings at major subsidiaries.
It is the first net profit since the fourth quarter of 2019.
The company’s revenue was 4.52 trillion won, up 5.1 percent on year, and its operating profit was up 403. 6 percent to 398 billion won.
Doosan Infracore and Doosan Bobcat, construction equipment making subsidiaries, generated the highest quarterly revenue in 10 years.
“Subsidiaries Doosan Infracore and Doosan Bobcat reported good earnings, but the performance of Doosan Heavy Industries & Construction has also improved greatly,” said a spokesperson for Doosan Corporation, citing its restructuring last year.
Part of the restructuring measures involved selling the Doosan Heavy Industries & Construction’s 35 percent stake in Doosan Infracore for 850 billion won to Hyundai Heavy Industries Holdings and adjusting its portfolio to focus on eco-friendly energies like offshore wind power and a gas turbine that will be used to build an LNG power plant.
The transaction has not been completed yet.
Doosan Heavy reported 248.1 billion won in first quarter net profit from a 371.4-billion-won net loss a year earlier. Its revenue inched up 4.4 percent on year to 4 trillion won.
Doosan Heavy, a power plant builder, booked 1.32 trillion won of orders in the first quarter, up 84.1 percent on year.
Doosan Infracore’s net profit more than doubled to 187.3 billion won, up 151 percent on year, while that of Doosan Bobcat was up by 244.3 percent on year to 115.4 billion won.
BY JIN MIN-JI [firstname.lastname@example.org]