First-quarter results for Daewoo Heavy Industries & Machinery (DHIM) saw the South Korean forklift maker post 28.1 percent growth in turnover, compared to the same period last year.

This year DHIM expects to achieve turnover of EUR1.586 billion (USD1.857 billion) and net profit of EUR84.7 million (USD99.18 million). The company last year increased turnover by 22 percent to EUR1.563 billion (USD1.830 billion) and lifted net profit 20 percent to EUR84.1 million (USD98.48 million).

According to the company's first-quarter financial report, Daewoo sold 13,519 forklifts last year. With a world market share of 5.2 percent, Daewoo was the seventh largest forklift manufacturer in the world.

The company dominates the Korean forklift market with 57.1 percent of the market. Daewoo has a worldwide sales network of nine subsidiaries and 724 dealers in 90 countries.