China snack maker Want Want posts record profit for 2012
HONG KONG, March 5
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)
- Malaysia military source says missing jet veered to west |
- Ukraine appeals to West as Crimea turns to Russia |
- Malaysia air probe finds scant evidence of attack: sources |
- UPDATE 1-Missing Malaysian plane last seen at Strait of Malacca-source
- Libyan parliament sacks PM after tanker escapes rebel-held port