Doosan Infracore Reports $35 Million Third-Quarter Loss

Doosan Infracore Co. last week reported a net loss in the third-quarter of 43 billion won (about U.S. $35 million) as a weaker local currency inflated its financial burden on overseas debts. In the prior-year period, the company reported a net profit of 47.2 billion won (U.S. $34.1 million).

Sales in the quarter rose 17 percent to 1.0 trillion won (U.S. $721.7 million) and operating income rose 18 percent to 79.4 billion won (U.S. $57.3 million).

South Korea’s won has dropped nearly 30 percent this year against the U.S. dollar, inflating the book value of Doosan Infracore’s dollar-denominated debt in local currency terms. In addition, the company said, demand for excavators and other machinery in China and other countries has also remained weak.