Tingyi鈥檚 net profit falls 2%
Print Edition
CHINA’S largest food and beverage maker, Tingyi Holding Corp, yesterday said net profit slid 2 percent in 2014, falling well below estimates, as a slowing economy and fierce competition dragged sales down for the first time in almost two decades.
Hong Kong-listed Tingyi, owner of the Master Kong brand and a partner with PepsiCo Inc and Starbucks Corp in China, said profit for last year fell to US$400.5 million from US$408.5 million a year earlier.
The result lagged far behind an average forecast of US$445.7 million compiled from around 30 analysts polled by Reuters.
Tingyi’s Chairman Wei Ing-Chou said in an earnings filing that market competition had been “intense” in 2014. The firm said it would focus on cost-cutting this year, with plans to trim staff numbers in some segments and to look to mobile channels to boost sales.
“In 2015, the overall operation strategy of the group will switch to cost saving, efficiency enhancing, and innovation as a result of the sluggish economy and the nature of the consumer market,” Wei said.
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