Daewoo Heavy Industries & Machinery Ltd president Jae-Shin Yang says that, while 2001 was an uncertain year for the forklift market generally, Daewoo still achieved USD1.2 billion in sales and an operating profit of USD60 million.

Mr Yang said the results would not have been achieved without the "unfailing support" of customers and the diligence of staff.

"Our expectations for (this) year are extremely hopeful, in spite of the global economic downturn and competitive local business environments," he said in a statement.

"We are aiming for constant growth, with an annual sales target of USD1.5 billion and operating profit of USD106 million, which we are confident we will achieve through the united effort and combined strength of our talented workforce."

Mr Yang said Daewoo would "aggressively pursue" corporate partners to secure capital and advanced technology this year and beyond. "These efforts will lead Daewoo to consolidate its status, significantly raising the level of our technological capability and product competitiveness.".