CJ Cheiljedang’s profit drops on African swine fever costsCJ Cheiljedang said Monday that its net profit plunged 86 percent in the third quarter from a year earlier, mainly due to losses stemming from businesses affected by African swine fever.
Net income came to 17.1 billion won ($14.6 million) on a consolidated basis in the July-September period, down from 120.7 billion won a year earlier, the affiliate of Korean food and entertainment conglomerate CJ said in a regulatory filing.
Its operating profit, meanwhile, was up 2.8 percent on-year to 272.7 billion won and sales grew 18.5 percent on-year to 5.86 trillion won over the period.
CJ Cheiljedang cited increased costs caused due to the slaughtering of pigs in Vietnam and Indonesia.
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