Doosan Infracore Co., South Korea's top construction equipment maker, said Wednesday that it swung back into the black last year from a year earlier on the back of improved business conditions and reduced costs in the wake of tough restructuring.
Net profit reached 116 billion won (US$102 million) last year, compared with a loss of 859 billion won a year earlier, the company said in a regulatory filing.
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 attributed the sharp improvement in its bottom line to gains from asset sales and cost-saving measures.
Doosan Infracore closed at 9,000 won on the Seoul bourse, up 0.1 percent from the previous session's close, while the benchmark KOSPI index rose 0.45 percent. The 2016 earnings were released after the market closed.