Hyundai Doosan Infracore announced its 3rd quarter earnings with a major surge from the previous year.
Hyundai Doosan Infracore officially announced its Q3 earnings of 2022 on Tuesday, Oct 25 which recorded KRW 1.17 trillion in revenue and KRW 74.7 billion in operating profit. This is a 21% increase in revenue and 122% increase in operating profit compared to the year earlier.
Revenue in emerging and advanced markets, such as North America and Europe, grew to exceed the shortfall in China. Emerging market revenue reached 21% growth year-on-year as a result of active investments in infrastructure caused by the increase in raw material costs, and advanced market revenue increased by 20.3% thanks to a favorable market, reinforcement in sales channels, and the launch of different new products including small excavators and compact wheel loaders. Meanwhile, the Chinese market declined by 9.9% due to risks of recession and the country’s COVID-19 lockdowns in different cities.
Operating profit in emerging and advanced markets also improved as demand in H1 was carried over due to logistical issues, along with the engine business sustaining a two digit increase in operating profit ratio and recording a boost of 122% YoY.
Demand for generators and engines for small off-highway machines also grew sharply for the engine division, recording a stable earning of KRW 298 billion in revenue which is a 39.3% increase, and KRW 38.9 billion in operating profit. The aftermarket (A/S) reached a growth in operating profit rate by 13% as revenue increased from product sales.
“Despite unstable global management issues, we have been successful in confirming large scale orders in Southeast Asia, Middle East, Latin America and other countries that are based on resources,” said a Hyundai Doosan Infracore representative, adding, "while gradually increasing the share in these regions, we will also do our utmost to increase profit by promoting and selling larger sized machines." <End>