SEOUL, April 27 (Yonhap) — Doosan Bobcat Inc., a South Korean construction equipment maker, said Tuesday its first-quarter net profit more than tripled on the back of robust sales amid signs of a recovery in the global construction sector.
Net income stood at 115.4 billion won (US$104 million), up 244.3 percent from a year earlier, while operating profit stood at 171.3 billion won, up 97.3 percent over the cited period, the company said in a regulatory filing.
Sales rose 15.1 percent over the same period to 1.22 trillion won, the company’s best-ever quarterly performance in 10 years.
Doosan Bobcat said signs of a global recovery in the construction sector, especially in North America, propelled its first quarter earnings.
Sales in North America, which make up 74 percent of the total, rose 25.5 percent from the previous year to $817 million.
Ground maintenance equipment sales in North America jumped 60.5 percent on-year to $112.2 million in the first quarter, while sales of loaders and mini excavators in the region rose 18.1 percent to $469.5 million.
Sales in Europe, the Middle East and Africa rose 9.4 percent on-year to $200 million.
Doosan Bobcat has expanded its product lineup since 2019, offering new equipment, such as compact tractors.
Shares in Doosan Bobcat closed 4.91 percent higher at 49,150 won, outperforming the broader KOSPI’s 0.07 percent loss. The company reported its first-quarter earnings before the market’s close.