Doosan Bobcat improved its first-quarter results this year on the back of a recovery in small equipment sales in Europe, the Middle East and Africa, and expanding forklift demand in North America.
Doosan Bobcat said on the 28th that on a consolidation basis for the first quarter this year, it recorded 2.2473 trillion won in revenue and 207.0 billion won in operating profit. Revenue rose 7.1% and operating profit increased 3.5% from a year earlier. The operating margin was tallied at 9.2%.
Net profit was 131.4 billion won, up 15.9% from the same period last year. Lower financing costs contributed to the increase in net profit.
Results also improved in U.S. dollar terms, the currency in which Doosan Bobcat prepares its financial statements. First-quarter revenue and operating profit rose 6.2% and 2.6%, respectively, from a year earlier.
By region, revenue increased across all areas. In Europe, the Middle East and Africa, recovering demand for small equipment led to an 18% rise in revenue, driving overall growth. North American revenue increased 3% on recovering forklift sales. Asia, Latin America and Oceania grew 4% as small equipment sales increased in South America, China and India.
By product, small equipment and industrial vehicles showed growth. Small equipment revenue increased 7% on strong sales in the Europe, Middle East and Africa market. Industrial vehicle revenue rose 4% on higher sales in North America. In contrast, portable power revenue fell 18% as major customers delayed their sales schedules. Doosan Bobcat expects portable power revenue to recover to last year's level within this year.
Marking the second year of executing its plan to enhance corporate value, Doosan Bobcat will continue its shareholder return policy. It set a minimum annual dividend of 1,600 won and plans to pay dividends each quarter. Doosan Bobcat's board of directors on the day resolved to pay a first-quarter dividend of 400 won per share.