SEOUL, Nov. 2 (Korea Bizwire) – Doosan Bobcat Inc., a construction equipment unit of Doosan Group, said Thursday that its third-quarter net profit increased 16 percent from a year earlier, largely due to hefty sales in China and other emerging markets.
Net profit reached 55.2 billion won (US$49.5 million) in the July-September period, compared with a profit of 47.7 billion won a year earlier, the company said in a regulatory filing.
Operating income inched down 2 percent on-year to reach 101 billion won in the third quarter, while sales rose 15 percent to 1.01 trillion won over the cited period.
Sales in the North American region surged 14.7 percent in the third quarter from a year earlier, with revenue in Europe also gaining 6.8 percent.
Sales in Asia and South America soared 30.7 percent as well, according to Doosan Bobcat.
Doosan Bobcat debuted on the local stock market in November last year by raising some 900 billion won, the second-largest IPO deal in 2016 after Samsung BioLogics Co.’s 2.2 trillion-won market debut.
In 2007, Doosan Infracore acquired Bobcat and other construction equipment units from North Carolina-based Ingersoll Rand PLC for $4.9 billion.
Doosan Bobcat operates 31 subsidiaries in 20 countries.