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(LEAD) CJ Logistics shifts to net profit in Q1 on increased deliveries

All News 10:52 May 14, 2020

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SEOUL, May 14 (Yonhap) -- CJ Logistics Corp. said Thursday it shifted to a net profit in the first quarter from a year earlier on increased sales amid the spread of the coronavirus outbreak.

The country's leading logistics firm swung to a net profit of 11.36 billion won (US$9.25 million) for the three months ended in March from a net loss of 12.54 billion won in the year-ago period, a company spokesman said by phone.

"Higher demand for parcel delivery services amid coronavirus fears and the company's efforts to enhance profitability drove up the quarterly earnings results," he said.

The company earns 30 percent of its overall sales from parcel delivery, with the remainder coming from port-to-port delivery services, contract-based deliveries and international deliveries via airlines.

Operating profit rose 28 percent to 58.19 billion won in the first quarter from 45.35 billion won a year ago. Sales climbed 3.4 percent to 2.52 trillion won from 2.43 trillion won during the same period.

(LEAD) CJ Logistics shifts to net profit in Q1 on increased deliveries - 1


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