Monday, September 2nd, 2013
SEOUL, KOREA- All eight Chinese subsidiaries of Doosan Infracore, Korea's leading construction equipment maker, have posted losses in the first half of the year. The combined loss for the companies including Doosan Infracore China was 28,898 million won, up 5.8 times from 4,995 million won a year ago. The lackluster performance was attributed to the weakness in China while other markets such as the United States are slowly recovering.
According to the Financial Supervisory Service on August 30, Doosan Infracore China and Doosan Infracore China Investment, the two major Chinese units for the Korean company, have turned to the red in the first half. As for Doosan Infracore China, it recorded a net loss of 12 billion won from a net profit of 7.8 billion won in the first half last year. Its sales revenue also stopped short of 533.7 billion won, down 29.1 percent from 753.3 billion won a year ago. Doosan Infracore China Investment, meanwhile, took a net loss of 5,562 million won in the first half from a net profit of 1,755 million won in the same period in 2012.
Doosan Infracore Yentai posted a net loss of 4,670 million won from a loss of 145 million won a year ago. Other Chinese units such as Doosan International China, Doosan Infracore Suzhou, and Doosan Infracore Shandong saw their net loss mount in the January-June period.