Seoul: CJ Cheiljedang Corp. has announced a significant rise in its first-quarter net profit, reaching 119.8 billion won (US$81.5 million), which marks a 108.8 percent increase compared to the previous year. This report was released on Tuesday and highlights the financial performance of one of Korea's prominent food companies.

According to Yonhap News Agency, CJ Cheiljedang disclosed in a regulatory filing that its operating profit for the quarter was 238.1 billion won, a decrease from 333.2 billion won recorded a year ago. Additionally, the company's revenue experienced a slight decline of 1.4 percent, amounting to 7.11 trillion won.

The reported operating profit was notably 12.2 percent below the average estimate, based on a survey conducted by Yonhap Infomax, the financial data firm associated with Yonhap News Agency. However, no estimate was available for the net profit, leaving the sharp increase as a noteworthy outcome in the company's quarterly performance.