Doosan Bobcat announced on the 28th that it recorded sales of 2.98 trillion won and an operating profit of 200 billion won in the first quarter of this year.
Sales decreased by 12.4% compared to the same period last year, while operating profit fell by 38.6%. The net profit for the period was 113.4 billion won, a 47.7% decrease.
Doosan Bobcat explained that demand has slowed due to global uncertainties and concerns about an economic recession, resulting in a uniform decline in sales across regional markets and product categories.
By market, sales in North America decreased by 22%, while both the Europe, Middle East, and Africa market and the Asia, Latin America, and Oceania market saw a decline of 21%.
By product, sales of small equipment decreased by 22% each, and industrial vehicles fell by 20%.
A representative from Doosan Bobcat said, "Although the decline appears significant compared to last year due to the high base effect in the first quarter, this year's first-quarter results are in line with the company's targets."