Seoul: CJ Logistics Corp., South Korea’s leading logistics firm, has reported a significant drop in its first-quarter net profit, falling 26.1 percent to 41 billion won (US$28.9 million) compared to the previous year. Despite this decline, the company’s earnings surpassed market expectations.
According to Yonhap News Agency, CJ Logistics disclosed in a regulatory filing that its operating profit for the quarter stood at 85.4 billion won, down from 109.4 billion won a year earlier. However, the company’s sales managed to increase by 2.4 percent, reaching 2.99 trillion won.
The reported earnings exceeded the average net profit estimate of 35.1 billion won suggested by analysts in a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency.