Fall in net profit hurts Tingyi stock
Print Edition
Shares of Tingyi Cayman Islands Holding Corp fell in Hong Kong yesterday after net profit for the biggest instant noodle producer in China dropped 10.9 percent in 2013 from a year earlier.
Tingyi shed 2.6 percent to HK$20.35 (US$2.62) yesterday in Hong Kong after it said net profit fell to US$408.5 million last year.
The company’s annual sales soared 19 percent from a year earlier to US$10.9 billion last year. Distribution costs jumped 24 percent to US$2.3 billion amid intense competition. Finance costs rose 14 percent to US$37.4 million due to increased bank borrowings, according its annual financial results released yesterday.
Tianjin-based Tingyi, a wholly owned subsidiary of Taiwan’s Ting Hsin International Group, produces and distributes instant noodles and beverages under the brand name Master Kong. It also partners PepsiCo Inc to sell and distribute carbonated soft drinks in China.
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