Doosan Infracore has revealed a 4% increase in year-on-year sales figures in its financial results for the third quarter this year, reporting sales of $1.7bn, up from the $1.6bn recorded in Q3 2019.
The preliminary third quarter financial results come as a pleasant surprise in a global economy reeling from the effects of the Covid-19 pandemic, which has been especially severe on the construction and equipment sectors. Doosan Infracore attributed the performance to strong growth in China and a recovery in both developed and emerging markets.
The results, however, are an aggregate of sales from Doosan Heavy Industries and Construction, which also consists of industries other than construction, such as energy, water, castings and forgings and an engine division, as well as Doosan Bobcat.
The division driving the growth was Doosan Heavy, which saw sales rise 23.2% over the same quarter last year. The engines division and Doosan Bobcat, meanwhile, saw sales fall by 23% and 3% respectively.
For Doosan’s construction equipment, sales in China rose by a huge 55% year-on-year in Q3 on the back of China’s increased investment in infrastructure. Excavators were the biggest growth story for Doosan in China, with the company expecting sales of 275,000 units for this year and similar projections for 2021.
Doosan also saw growth in the European region and North America, reportedly up 16% over Q3 2019 but down 5.9% year-on-year for the first three quarters of this year combined. The company added that its home market of South Korea and other emerging markets also saw small growth by around 0.9%.
