CJ CheilJedang sees profit tumble 43.3 percent in Q1

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CJ CheilJedang sees profit tumble 43.3 percent in Q1

CJ CheilJedang said Monday that its net profit dropped 43.3 percent in the first quarter from a year earlier, mainly due to increased production costs.

Net income came to 40.9 billion won ($34.5 million) on a consolidated basis in the January-March period, down from 72.1 billion won a year earlier, the affiliate of CJ Group said in a regulatory filing.

Its operating profit declined 14.8 percent on year to 179.1 billion won, while sales grew 15.4 percent to 5.2 trillion won over the period.

CJ CheilJedang cited an increase in raw material prices, such as raw sugar and soybeans, as the main reason for weakened profitability in the first quarter.

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