April 19, 2024

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Doosan Bobcat, a construction equipment unit of Doosan Group, said June 20 that it has paid off $150 million worth of loans earlier than scheduled to improve its financial status.

The company said it has repaid a batch of its long-term loans that was set to mature in May 2024.

With the debt redemption, its borrowings are now $837 million, which is more than 50 percent down from $1.7 billion in 2014, and its debt ratio is expected to be at 72.9 percent, also down 7.2 percentage points from 80.1 percent in March 2019.

Doosan Bobcat posted solid earnings in the first quarter, with its sales rising 22.1 percent on-year to 1.6 trillion won ($1.4 billion). Its operating income jumped 20.1 percent on-year to 113.3 billion won, and net profit also rose 9.9 percent on-year to 68.5 billion won in the January-March period.

By Ram Garikipati and newswires (ram@heraldcorp.com)