Tingyi Q4 profit plunges
By Ding Yining |
March 19, 2013, Tuesday
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Print Edition
Print Edition
CHINESE instant noodle and beverage maker Tingyi Holding Corp posted a 75 percent plunge in fourth quarter profit after sales suffered due to this year's Chinese New Year holiday occurring later.
Tingyi's profit in the final three months ended on December 31 fell to US$14.92 million from US$59.9 million in the same quarter a year ago, the company said in a stock exchange filing yesterday.
The Hong Kong-listed company blamed the later-than-usual Chinese New Year holiday for the profit tumble in the fourth quarter, usually a peak season for sales of its ready-to-drink beverages, as well as a consumer boycott of its Japanese-style packaging of some of its drinks and products due to a territorial dispute between the two countries.
In the fourth quarter, Tingyi's revenue gained 13.8 percent year on year to US$1.73 billion.
Tingyi's profit in the final three months ended on December 31 fell to US$14.92 million from US$59.9 million in the same quarter a year ago, the company said in a stock exchange filing yesterday.
The Hong Kong-listed company blamed the later-than-usual Chinese New Year holiday for the profit tumble in the fourth quarter, usually a peak season for sales of its ready-to-drink beverages, as well as a consumer boycott of its Japanese-style packaging of some of its drinks and products due to a territorial dispute between the two countries.
In the fourth quarter, Tingyi's revenue gained 13.8 percent year on year to US$1.73 billion.
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