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China's Tingyi Q1 profit falls 47 pct as sales slow
May 20, 2013 / 4:20 AM / 4 years ago

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.

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