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Tingyi gains from rising appetite
By Ding Yining |
November 20, 2012, Tuesday
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Print Edition
Print Edition
CHINESE instant food and drinks maker Tingyi Holding Corp benefited from rising consumer demand and lower raw material cost to post a 19.4 percent jump in net profit in the third quarter.
Its net income in the three months ended on September 30 totaled US$155 million, the company said in a filing to Hong Kong stock exchange yesterday.
Revenue in the three months soared 33.6 percent to US$2.95 billion as instant noodle and beverage sales rose. In the first nine months, revenue added 18 percent to US$7.49 billion while net profit gained 22.4 percent from a year earlier to US$440.3 million.
Tingyi, which is partnering Pepsi Co on the non-alcoholic beverage business in China, last month unveiled a new joint venture bottling plant in Henan Province to tap growing consumer demand.
Tingyi sells instant noodles and beverages under the Master Kong brand in China.
Its net income in the three months ended on September 30 totaled US$155 million, the company said in a filing to Hong Kong stock exchange yesterday.
Revenue in the three months soared 33.6 percent to US$2.95 billion as instant noodle and beverage sales rose. In the first nine months, revenue added 18 percent to US$7.49 billion while net profit gained 22.4 percent from a year earlier to US$440.3 million.
Tingyi, which is partnering Pepsi Co on the non-alcoholic beverage business in China, last month unveiled a new joint venture bottling plant in Henan Province to tap growing consumer demand.
Tingyi sells instant noodles and beverages under the Master Kong brand in China.
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