RPT-China snack maker Want Want posts record profit for 2012
(Repeats to attach to headline alert)
HONG KONG, March 5 (Reuters) - Want Want China Holdings Ltd , the country's top food and beverage maker and distributor by market value, posted a 32 percent rise in 2012 net profit on Tuesday, largely as a result of soft raw material prices.
Want Want, known in China for its rice crackers and snacks, posted a record net profit of $553.8 million for the year ended December, up from $419.5 million a year earlier and in line with market expectations of $556 million according Thomson Reuters Starmine SmartEstimate.
Turnover grew 14 percent to $3.36 billion.
Want Want, which has market value of $18.70 billion, competes with Tingyi (Cayman islands) Holding Corp, China Mengniu Dairy Co Ltd, and Uni-President China Holdings Ltd. Its rivals in China also include the world's largest food company Nestle SA and French foodmaker Danone SA.
(Reporting by Donny Kwok; Editing by Daniel Magnowski)
- Air strike kills 15 civilians in Yemen by mistake: officials
- North Korea executes leader's powerful uncle in rare public purge |
- Insight: In Yemen, al Qaeda gains sympathy amid U.S. drone strikes
- Twitter backtracks on block feature after users revolt |
- Iran angry over U.S. sanctions, nuclear talks interrupted