HONG KONG Nov 19 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.