HONG KONG May 20 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
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.