Doosan Infracore Co., South Korea's top construction equipment maker, continued to expand its presence in China's excavator market, as the world's No. 2 economy increased spending on infrastructure, industry sources said Monday.
According to observers, Doosan Infracore sold a total of 718 excavators in China last month, more than double from a year earlier.
In the first nine months of the year, Doosan Infracore sold a total of 7,881 excavators, also up 131 percent from the same period in 2016, the sources said.
Last year, the company sold a total of 4,649 excavators during the January-September period.
In September, sales of excavators in China jumped 96 percent on-year to reach 9,525 units, with accumulated sales in the first nine months rising 110 percent to 95,291 units.
China's excavator market has been growing sharply thanks to the country's ongoing railroad, highway and airport projects in lower-tier cities, as well as continued urbanization. In particular, China's massive "One Belt, One Road" infrastructure drive aimed at increasing its economic clout in Asia is stimulating demand for excavators.
China accounts for roughly a third of the world's construction equipment market.
Aided by strong excavator sales in China, Doosan Infracore's bottom line also improved.
In the first half of the year, Doosan logged an operating income of 363 billion won ($322 million), up 28 percent from a year earlier. Its sales surged 9 percent on-year to reach 3.34 trillion won.
During the third quarter, its business performance is widely expected to have improved sharply from a year earlier on the back of a steady rise in excavators in China and other countries. (Yonhap)