China's Tingyi Q3 net profit up 19.4 pct, misses estimates

HONG KONG Sun Nov 18, 2012 11:13pm EST

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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.