ID :
135306
Fri, 07/30/2010 - 05:33
Auther :

(LEAD) CJ CheilJedang Q2 net rises more than 5-fold


(ATTN: RECASTS lead; ADDS more details at paras 5-7)
SEOUL, July 29 (Yonhap) -- CJ CheilJedang Corp., South Korea's biggest food
company, said Thursday that its second-quarter net income rose more than
five-fold from a year ago on profits from equity investments and disposal of
Samsung Life Insurance Co.'s shares.
Net profit came to 443 billion won (US$372.7 million) in the April-June period,
compared with 83.4 billion won a year earlier, CJ CheilJedang said in a
regulatory filing.
Revenue, however, fell 0.6 percent on-year to 932 billion won in the period, and
operating profit fell 37.4 percent to 46.6 billion won.
For the first half of the year, net income rose more than six-fold from a year
ago, and sales gained 0.1 percent to 1.9 trillion won. Operating profit fell 13.3
percent to 104.6 billion won.
Shares of CJ CheilJedang advanced 0.79 percent to close at 255,000 won on the
Seoul bourse.
The company said its robust second-quarter performances were the result of the
proceeds from the sale of its shares in Samsung Life Insurance and profits from
equity investments in its overseas and local affiliates.
CJ CheilJedang earned 549.6 billion won by selling 5 million shares of Samsung
Life Insurance ahead of the nation's top life insurer listing its shares on the
Korea Exchange on May 12.
The company also gained 72.7 billion won in profits from equity investments, up
58.7 billion won from a year ago.
ksnam@yna.co.kr
(END)

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