Earnings surprise to S. Korean food firms due to COVID-19 food buying
- 4 years ago
'코로나19' 사재기에 식품업계 깜짝 '호황'... 영업이익 50% 이상 증가
The coronavirus pandemic provided some of South Korea's major food companies a welcome earnings surprise.
CJ Cheiljedang's profits for the first quarter rose over 54-percent on-year.
Orion's profits rose by over 25-percent, thanks to a surge in sales of snacks and protein products.
Samyang Food also saw its profits jumped 73-percent.
Analysts say global panic buying led to a spike in demand for Ramyeon.
The coronavirus pandemic provided some of South Korea's major food companies a welcome earnings surprise.
CJ Cheiljedang's profits for the first quarter rose over 54-percent on-year.
Orion's profits rose by over 25-percent, thanks to a surge in sales of snacks and protein products.
Samyang Food also saw its profits jumped 73-percent.
Analysts say global panic buying led to a spike in demand for Ramyeon.