Seoul: CJ Cheiljedang Corp., a prominent South Korean food company, has announced a significant decline in its third-quarter net income, reporting a figure of 119.2 billion won (US$81.8 million), which marks a 43.8 percent decrease from the same period last year.

According to Yonhap News Agency, the company's regulatory filing revealed that its operating income for the July-September quarter decreased by 16.7 percent year-on-year, amounting to 346.5 billion won. Despite the decline in net and operating income, the company's sales showed a slight increase of 0.3 percent, reaching 7.43 trillion won.

The reported earnings were below market expectations, as analysts had anticipated a higher net profit. A survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency, estimated the average net profit to be 155.6 billion won.