CJ Cheiljedang’s profit drops on African swine fever costs

CJ 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.

Yonhap