Q2 Revenue 2.2366 Trillion KRW
Sales Decrease YoY Due to High Base Effect
Quarterly Dividend of 800 KRW Approved
Doosan Bobcat's operating profit in the second quarter halved compared to the same period last year due to a slowdown in demand and a base effect from last year's record-high performance.
Doosan Bobcat announced on the 24th through a preliminary earnings report that it recorded sales of 2.2366 trillion KRW and an operating profit of 239.5 billion KRW in the second quarter. These figures represent decreases of 16.3% and 48.7%, respectively, compared to the same period last year.
Sales declined across all products and regions due to base effects, weakening market demand, and high interest rates.
Compared to the previous year (in USD), by product: ▲Small Equipment -18%, ▲Industrial Vehicles -28%, ▲Portable Power -16%; by region: ▲North America -22%, ▲EMEA (Europe, Middle East, Africa) -16%, ▲ALAO (Asia, Latin America, Oceania) -10%.
Net profit also decreased by 48.7% year-on-year to 157.9 billion KRW. Excluding one-time income effects from the same period last year, operating profit fell by 40% and net profit by 34%.
Net debt stood at -258.8 billion KRW, maintaining a net cash position. Despite dividend payments, the net cash balance increased by approximately 94.1 billion KRW compared to the end of last year.
Meanwhile, Doosan Bobcat resolved a quarterly dividend of 800 KRW on the same day. The dividend record date is June 30.
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