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Doosan Infracore s excavators (Courtesy of Doosan Infracore)
South Korea’s heavy machinery manufacturers are making a strong start this year, reporting the highest first quarter revenue figures since 2018.
According to the financial research firm FnGuide Inc., the country’s two leading heavy machinery and construction equipment makers Doosan Infracore and Hyundai Construction Equipment Co. (Hyundai CE) posted sharp growth in Q1 earnings.
Doosan Infracore’s operating profit in the first quarter was estimated at 231.7 billion won ($206 million), up 28% from the same period last year.
The company’s Yantai plant in China has been operating at 200% of its normal capacity since February, with overtime and weekend operations, as new orders for its excavators have been piling up recently.