Doosan Bobcat Reports Q2 Operating Profit of 140.1 Billion KRW, Up 117.9% Year-on-Year

Doosan Bobcat Compact Excavator
Photo by Doosan Bobcat

[Asia Economy Reporter Kim Heung-soon] Doosan Bobcat announced on the 27th that its consolidated operating profit for the second quarter of this year was preliminarily estimated at 140.1 billion KRW, an increase of 117.9% compared to the same period last year. Sales reached 1.2836 trillion KRW, up 33.2% from the same period last year.

Previously, Doosan Bobcat achieved its highest quarterly performance in the past 10 years in the first quarter, and this time, sales grew by 4.8% compared to the previous quarter, setting a new quarterly sales record.

In dollar terms, second-quarter sales were 1.145 billion USD, up 45.2% year-on-year, and operating profit was 125 million USD, an increase of 138% compared to the same period last year.

According to Doosan Bobcat, in the North American region, steady demand growth and strong sales of GME (agriculture and landscaping equipment) products led to a 41.1% increase in sales compared to the previous year (in dollar terms). Amid a favorable construction market, sales of loaders and mini excavators increased by 47.7%, and with the continued trend of urban exodus, GME sales rose by 57.6%. The EMEA (Europe, Middle East, and Africa) region also recorded a growth rate of 52.4% year-on-year due to entering a recovery phase and base effects.

Doosan Bobcat stated that construction industry indicators in the European market are showing meaningful improvements, and positive business conditions are expected going forward. Meanwhile, Doosan Bobcat completed the acquisition of Doosan Industrial Vehicle on the 6th. The performance of Doosan Industrial Vehicle will be reflected in Doosan Bobcat's consolidated financial statements starting from the third quarter.