China's Tingyi Q3 net profit up 19.4 pct, misses estimates
HONG KONG Nov 19 (Reuters) - China's drinks and instant noodle maker Tingyi (Cayman Islands) Holding Corp reported a 19.4 percent rise in third-quarter net profit as demand for consumer staples climbed amid signs of a stabilising domestic economy and as raw material costs fell.
Tingyi, which has a broad-ranging partnership with PepsiCo Inc and sells noodles under the Master Kong brand in China, said profit for the three months ended in September totalled $155.9 million, up from $130.6 million a year earlier, also helped by improvements in production efficiency.
The result lagged an average forecast of $162 million from six analysts polled by Reuters.
Tingyi, which competes with smaller rival Uni-President China Holdings Ltd, said its profit amounted to $440.3 million for the first nine months of 2012, up from $359.6 million a year ago.
Shares of Tingyi are essentially flat for the year to date, lagging a 15 percent gain for the benchmark Hang Seng Index as the company lacks the growth catalysts that have helped other industries find more favour with investors.