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Fuel-cell unit emerges as Doosan's future driver.
Doosan Fuel Cell, the hydrogen fuel-cell unit of Doosan Group, has logged a profit in its first earnings report after its spin-off as a separate company, adding a little light to the group's otherwise gloomy performance after the Moon Jae-in government's policy to phase out nuclear energy.
This is expected to provide a breakthrough for group Chairman Park Jeong-won, who has been focusing on managing the deteriorating profitability of the group's core units in recent years.
It also is interpreted as proof that Doosan's effort to move on from a nuclear-centric portfolio has become more feasible, industry officials said.
According to its regulatory filing, Doosan Fuel Cell had 221.2 billion won ($186.87 million) of sales in the fourth quarter last year, up 54.5 percent from 143.2 billion won a year earlier. Its operating profit grew 43.3 percent to 19.5 billion won during the period.
It was the first earnings report since Doosan Fuel Cell was spun off from Doosan Group's holding firm, Doosan Corp, last October.
Doosan began the hydrogen fuel-cell business in 2014 after acquiring ClearEdge Power of the Unites States. In 2017, it set up an 11,000-square-meter fuel-cell plant in Iksan, North Jeolla Province, and supplied 114 fuel-cell systems to the world's largest byproduct hydrogen power plant in South Chungcheong Province last year