Agricultural machinery corporations Daedong posted weak results in the first quarter of this year.
Daedong said on the 15th that operating profit came to 6 billion won in the first quarter of 2026, down 72.3% from a year earlier. Revenue fell 2.3% to 377.7 billion won in the same period. Net loss was 6.1 billion won, swinging to a loss.
Recently, prolonged high interest rates and economic uncertainty slowed growth in the global agricultural machinery market, weighing on results. Continued sales declines in major export markets such as North America appear to have eroded profitability.
A Daedong official said, "We are moving in earnest to shift our business structure toward AI and Robotics, including the domestic launch of an AI tractor and the expansion of AI agriculture," adding, "Rather than short-term results, we will focus on improving our business fundamentals based on future agricultural technologies to sustain mid- to long-term growth."