Doosan Heavy Industries & Construction Co., Korea's leading power equipment maker, said Friday that it swung to a profit in the third quarter from a year earlier on the back of strong operating income.
Net profit stood at 32 billion won ($29.2 million) in the three months ended Sept. 30, compared with a net loss of 90 billion won a year ago, Doosan Heavy Industries said in a statement.
Sales rose 10.71 percent on-year to 2.2 trillion won in the third quarter and operating profit rose 16.2 percent to 113 billion won.
Doosan Heavy Industries said its strong operating profit contributed to the bottom-line turnaround.
The company, however, said its net profit fell 71.8 percent in the third quarter from the previous quarter due to a seasonal factor, with operating profit dropping 33.6 percent.
The power equipment maker posted 1.7 trillion won in new orders in the third quarter, up 114 percent from 798.6 billion won the previous quarter. Its order backlog reached 19.62 trillion won in the July-September period.
Despite the third-quarter turnaround, shares of Doosan Heavy Industries closed down 2.17 percent at 49,500 won on the Seoul bourse. (Yonhap)