CJ Cheiljedang Corp. on Monday reported its first-quarter net income of 49.3 billion won (US$37.3 million), down 80.1 percent from a year earlier.
The company said in a regulatory filing that it posted 252.8 billion won in operating profit for the quarter, compared with 435.7 billion won a year ago. Revenue rose 1.3 percent to 7.07 trillion won.
The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 85.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Source: Yonhap News Agency