Doosan Infracore hits fresh yearly high on earnings hope
SEOUL-- Stocks of Doosan Infracore Co. traded at a yearly high Tuesday as investors scooped up the country's leading construction equipment maker on hopes for an improved business performance.
Doosan Infracore was changing hands at 10,100 won (US$9) on the Seoul bourse as of 1:30 p.m., up 1 percent from the previous session's close.
Over the past five sessions, foreign investors bought some 696,000 Doosan Infracore stocks, with institutional investors purchasing some 446,000 stocks.
Doosan Infracore is set to benefit from the Trump administration's plan to spend massive amounts of money on infrastructure.
Doosan Infracore's bottom line is also in part helped by its affiliate Doosan Bobcat, which made its market debut here last year.
Doosan Bobcat is a leading player in the small construction machinery sector in the United States, and Doosan Infracore owns some 59 percent of the company.
Last year, Doosan Infracore swung back into the black from a year earlier on improved business conditions and reduced costs in the wake of tough restructuring.
Net profit reached 116 billion won last year, compared with a loss of 859 billion won a year earlier, it said earlier.
Operating income was tallied at 491 billion won, compared with an operating loss of 95.1 billion won a year earlier, while sales fell 3.9 percent on-year to reach 5.73 trillion won.
Doosan Infracore earlier expected to log an operating income of 505 billion won on sales of 6.1 trillion won this year, which mark a 2.8 percent and a 5.7 percent hike, respectively, from last year.
Source: Yonhap News Agency