(LEAD) Doosan Bobcat net income up more than twofold in Q2

남광식 / 2021-07-27 18:26:27
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(LEAD) Doosan Bobcat-Q2 earnings
▲ This file photo provided by Doosan Bobcat Co. shows a zero-turn mower built by the small and midsized farm equipment maker. (PHOTO NOT FOR SALE) (Yonhap)

(LEAD) Doosan Bobcat-Q2 earnings

(LEAD) Doosan Bobcat net income up more than twofold in Q2

By Nam Kwang-sik

(ATTN: RECASTS headline, lead; UPDATES with more info throughout; ADDS photo)

SEOUL, July 27 (Yonhap) -- Small-sized construction equipment maker Doosan Bobcat Inc. said Tuesday that its net income rose more than twofold in the second quarter from a year ago on the back of increased operating profit.

Its net profit came to 92.9 billion won (US$80.8 million) in the April-June period, up more than two times compared with 41.2 billion won a year ago.

Sales increased 33.2 percent to 1.28 trillion won, while operating profit rose more than twofold to 140.1 billion won.

The operating profit was 4.5 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

"Increased sales of high-profitable products and decreased marketing expense led to strong operating profit in the second quarter," Doosan Bobcat said in an emailed statement.

The company also said its sales in North America rose 41.1 percent in the second quarter from a year ago thanks to brisk sales of its grounds maintenance equipment (GME), such as ride-on mowers and hedge cutters.

In other areas, including Europe, the Middle East and Africa, Doosan Bobcat saw its second-quarter sales rise 52.4 percent from a year earlier on the strength of an economic recovery, the company said.

Doosan Bobcat wrapped up the acquisition of forklift maker Doosan Industrial Vehicle Co. from Doosan Group's holding company Doosan Corp. on July 6.

Earnings of Doosan Industrial Vehicle will be recognized in the consolidated financial statements of Doosan Bobcat starting the third quarter of the year, the company said.

(END)

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