Doosan Bobcat Inc., a construction equipment unit of Doosan Group, said Wednesday that its earnings spiked 22 percent last year from a year earlier, largely due to an increase in sales of high-priced products.

Net profit reached 180 billion won ($158 million) last year, up 21.7 percent from a profit of 148 billion won a year earlier, the company said in a regulatory filing.

Operating income surged 7.4 percent on-year to 414 billion won last year, while sales fell 2.2 percent to reach 3.95 trillion won over the cited period.

Doosan Bobcat made a debut on the local stock market in November last year by raising some 900 billion won, the second-largest IPO deal in 2016 after Samsung BioLogics Co.'s 2.2 trillion-won market debut.

In 2007, Doosan Infracore acquired Bobcat and other construction equipment units from North Carolina-based Ingersoll Rand PLC for $4.9 billion.

Doosan Bobcat operates 31 subsidiaries in 20 countries.

Doosan Bobcat expects this year's sales to rise 4.6 percent to $3.6 billion, while its operating income is also expected to increase 9.2 percent to $390 million, it said. (Yonhap)