CJ CheilJedang Q2 net up 56.8 pct

SEOUL, Aug. 14 (Yonhap) -- CJ CheilJedang, South Korea's biggest food and drug
maker, said Friday its second-quarter net profit jumped 56.8 percent from a year
earlier due to increased sales of food products.
Net income came to 83.4 billion won (US$67.3 million) in the April-June period,
compared with 53.2 billion won a year earlier, the company said in a regulatory
filing.
Net profit, however, declined 21.1 percent on-year to 84.7 billion won in the
first half as a weaker won and rising grain prices increased costs.
Sales gained 12.2 percent on-year to 938.1 billion won, while operating profit
advanced 28.4 percent to 74.6 billion won, it added.
Shares of CJ CheilJedang closed down 0.6 percent at 166,000 won on the Seoul bourse.
The company said Wednesday it will raise sugar prices by 8.9 percent, with
shipments starting on Aug. 17 to reflect rising manufacturing costs. CJ
CheilJedang currently occupies over 40 percent of South Korea's sugar market, it
said.
sooyeon@yna.co.kr
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