Seoul: CJ Logistics Corp. announced a 22.4% increase in its third-quarter net profit, driven by heightened demand for its overnight delivery services. The company reported a net profit of 73.4 billion won (US$50.7 million) for the July-September period, compared to 59.9 billion won in the same period last year, as revealed in a regulatory filing.

According to Yonhap News Agency, CJ Logistics' operating profit for the third quarter was 147.9 billion won, marking a 4.4% rise from the previous year, while sales saw a 3.1% increase, reaching 3.06 trillion won. These earnings exceeded market expectations, with analysts predicting a net profit average of 66.7 billion won, based on a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency.

The company attributed its strong financial performance to the success of its O-NE service, launched in January, which offers seven-day-a-week deliveries, inclusive of public holidays. CJ Logistics also reported a 7.8% increase in operating profit within its contract logistics (CL) division, citing enhanced operational efficiency as a contributing factor.

However, the company's global business division faced challenges, with operating profit declining by 29% due to a slowdown in the global shipping industry. Despite this, the overall financial results reflect the company's strategic focus on expanding and improving its domestic delivery services.