SEOUL, April 26 (Korea Bizwire) – Doosan Heavy Industries Co., South Korea’s top power equipment maker, said Thursday its first-quarter profit fell 38 percent from a year earlier largely due to foreign exchange loss.
Net profit reached 23.1 billion won (US$21.4 million) on a consolidated basis in the January-March period, compared with 37.4 billion won a year earlier, the company said in a regulatory filing.
The company said foreign exchange loss and discontinued operation losses are to blame for the decline in net profit.
Doosan Heavy said it posted an operating income of 305 billion won in the first quarter, compared with an operating profit of 231 billion won the previous year.
Sales gained 9.1 percent on-year to reach 3.57 trillion won in the first quarter.