(LEAD) CJ Cheiljedang Q1 net more than doubles on foreign exchange gains

(ATTN: RECASTS throughout; CHANGES headline; ADDS photo) SEOUL, May 12 (Yonhap) -- South Korean food company CJ Cheiljedang Corp. said Tuesday its first-quarter net profit more than doubled from a year earlier, led by increased foreign exchange gains from exports. Net profit totaled 119.8 billion won (US$81.5 million) in the first three months of the year, up 108.8 percent from a year earlier, the company said in a regulatory filing. Operating profit fell 28.5 percent on-year to 238.1 billion won in the January-March period, while revenue slipped 1.4 percent to 7.11 trillion won over the period. The figure includes earnings from its logistics affiliate, CJ Logistics Corp. The operating profit was 12.2 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The corporate logo of CJ Cheiljedang Corp. (PHOTO NOT FOR SALE) (Yonhap) CJ CheilJedang said its operating profit declined in the first quarter as weaker profitability in its bio business offset solid growth in its food segment. The company posted 3.4 trillion won in food sales during the January-March period, up 3.9 percent from a year earlier. Overseas food sales continued to grow on strong demand for dumplings and rice products, while domestic food sales were boosted by the popularity of its new products linked to the Netflix cooking competition series "Culinary Class Wars." The bio business posted 988.7 billion won in sales and 5.5 billion won in operating profit, with operating profit plunging 92.4 percent from a year earlier due to lower prices for high-value-added products amid intensifying competition. For the second quarter, CJ CheilJedang said it plans to step up efforts to expand its overseas business in North America and Europe to improve profitability. ejkim@yna.co.kr(END)