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| ▲ This file photo provided by Doosan Bobcat Co. shows a zero-turn mower built by the small and midsized farm equipment maker. (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) Doosan Bobcat-Q3 earnings
(LEAD) Doosan Bobcat Q3 net down 21.2 pct on FX losses
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By Nam Kwang-sik
SEOUL, Oct. 29 (Yonhap) -- Small-sized construction equipment maker Doosan Bobcat Inc. said Friday that its net income fell 21.2 percent in the third quarter from a year earlier on foreign exchange losses.
Net profit came to 54.4 billion won (US$46.6 million) in the July-September period, compared with 69 billion won a year earlier.
"The fall in the third-quarter net profit is blamed on foreign exchange loss of $32 million," said a spokesperson at Doosan Bobcat.
A weak won drives up the value of Doosan Bobcat's dollar-denominated debts when converted into the local currency.
Excluding foreign exchange losses, the company's net profit rose 34 percent in the period from a year ago, the spokesperson said.
Doosan Bobcat said operating profit rose 16.5 percent on-year to 129.6 billion won, while sales increased 42.5 percent to 1.54 trillion won.
The operating profit was 9.6 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Doosan Bobcat said its sales in North America rose 23.1 percent in the third quarter from the same period a year ago on the strength of economic recovery and strong sales of grounds maintenance equipment, such as ride-on mowers and hedge cutters.
Doosan Bobcat also saw its sales rise on-year 17 percent in Europe, the Middle East and Africa and 26.2 percent in Oceania and South America.
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