Seoul: South Korean food company CJ Cheiljedang Corp. announced a net loss in the fourth quarter compared to a profit a year earlier, attributing the shift to one-off losses. The company reported a net loss of 152.8 billion won (US$105.3 million) for the three months ending in December, contrasting with a net profit of 151.9 billion won during the same period the previous year.
According to Yonhap News Agency, CJ Cheiljedang explained that the quarterly net result was impacted by one-off losses related to the evaluation of its tangible and intangible assets. However, the company did not provide further details on these factors. Despite this setback, the company's operating profit increased by 26.5 percent to 377.3 billion won, up from 298.2 billion won a year ago. Additionally, sales rose by 2.8 percent, reaching 7.49 trillion won compared to 7.28 trillion won in the previous year.
For the entire year of 2024, CJ Cheiljedang's net income decreased by 35 percent, totaling 361.8 billion won compared to 559.4 billion won from the prior year.