SEOUL, May 7 (Yonhap) — CJ Logistics Corp. said Friday its first-quarter net income jumped more than 64 percent from a year earlier on resilient sales.
Consolidated net profit stood at 18.6 billion won (US$16.6 million) in the January-March period, up 64.1 percent from a year earlier, the country’s leading logistics company said in a regulatory filing.
Sales swelled 7 percent on-year to 2.69 trillion won, while operating profit sank 17.3 percent to 48.1 billion won, underperforming market forecasts.
The operating profit was 20.3 percent lower than the average estimate surveyed by Yonhap Infomax, the financial data firm of Yonhap News Agency.
CJ Logistics said that despite stronger sales, its first-quarter operating profit shrank from a year earlier due to increased labor costs to improve working conditions of home delivery workers.
The company said it will seek to improve the profitability of its home delivery division by jacking up fees.