Tingyi posts 47.4% drop in Q1 net profit
By Ye Zhen |
May 21, 2013, Tuesday
|
Print Edition
Print Edition
TINGYI (Cayman Islands) Holding Corp, a Chinese producer of drinks and instant noodles, yesterday said its first-quarter net profit fell 47.4 percent from a year earlier as promotion spending rose and sales of instant food slowed.
Tingyi, whose Master Kong brand dominates the Chinese instant noodle market, said its net profit was US$104.9 million in the first three months this year, lower than a restated US$199.5 million a year ago.
The firm suffered from a 19-percent rise in distribution costs as a percentage of sales, up 1.93 percentage points, due to the increase in advertisement and promotional spending for the Chinese New Year. Its sales of instant food shed an annual 3.6 percent on a slowdown in the sandwich biscuit market.
The firm yesterday declined 2.4 percent to HK$20.10 (US$2.59) as the earnings missed the US$122 million forecast polled by Reuters.
Tingyi, whose Master Kong brand dominates the Chinese instant noodle market, said its net profit was US$104.9 million in the first three months this year, lower than a restated US$199.5 million a year ago.
The firm suffered from a 19-percent rise in distribution costs as a percentage of sales, up 1.93 percentage points, due to the increase in advertisement and promotional spending for the Chinese New Year. Its sales of instant food shed an annual 3.6 percent on a slowdown in the sandwich biscuit market.
The firm yesterday declined 2.4 percent to HK$20.10 (US$2.59) as the earnings missed the US$122 million forecast polled by Reuters.
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