Doosan Heavy swings to loss in Q3

SEOUL, Nov. 4 (Yonhap) -- Doosan Heavy Industries & Construction Co., South
Korea's biggest power equipment maker, said Wednesday that it posted a loss in
the third quarter mainly due to losses from equity ties with affiliates.
Net loss reached 277 billion won (US$235 million) in the July-September period,
compared with a profit of 131 billion won a year earlier, the company said in a
regulatory filing.
Sales rose 3.8 percent to 1.54 trillion won over the cited period, while
operating income plunged 31 percent to 80.5 billion won, it said.
Shares of Doosan Heavy closed at 65,300 won on the Seoul bourse, up 0.62 percent.
The third-quarter earnings were released after the market closed.
In September, Doosan Heavy said it plans to buy 3.57-million shares of Doosan
Engine Co., for 152 billion won to help its affiliate shore up its fragile
financial status.
Doosan Engine has been suffering losses since the global economic crisis,
triggered by the collapse of Lehman Brothers late last year.
sam@yna.co.kr
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