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Biz News Korea(Eng)
CJ Korea Express achieves record high quarter operating profit
- Collected
- 2016.11.03
- Distributed
- 2016.11.04
- Source
- Go Direct
CJ Korea Express announced on Wednesday that its third-quarter operating profit jumped 16.8 percent on year to a record 60.3 billion won ($52.9 million) on a consolidated basis.
That met the market consensus of about 62.2 billion won. Sales grew 17.3 percent to 1.49 trillion won in the same period.
The upbeat performance was driven by parcel delivery business that generated 446.8 billion won in sales in the quarter, up 18.2 percent from a year earlier. Sales from contract logistics business also gained 10.4 percent. However, net profit tumbled 97 percent to 600 million won due to one-time foreign exchange and derivatives losses.
CJ Cheil Jedang Corp., the parent company of CJ Korea Express, also fared well. Its operating profit reached 243.3 billion won, up 9.4 percent from a year ago, with revenue up 9.3 percent to 3.68 trillion won, driven by upbeat sales from processed food as well as improved profitability.
By Lee Yong-gun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]