China's Tingyi Q1 profit falls 47 pct as sales slow
HONG KONG May 20 (Reuters) - China's Tingyi (Cayman Islands) Holding Corp, a maker of drinks and instant noodles, on Monday posted a 47 percent fall on its first-quarter profit due to slower sales growth and an increase in advertising and marketing spending.
Tingyi, which has a broad-ranging partnership with PepsiCo Inc and sells noodles under the Master Kong brand in China, said its net profit was $104.9 million for the three months ended in March, down from a restated $199.5 million in the same period a year earlier.
Two analysts polled by Reuters had forecast a net profit of $122 million.
Tingyi, which competes with Want Want China Holdings Ltd and Uni-President China Holdings Ltd, said its total turnover was $2.6 billion for three-months period, up from $1.93 billion in a year ago period.