April 19 Tingyi Cayman Islands Holding Corp
, China's largest food and beverage maker by sales,
reported a 22.4 percent rise in first-quarter net profit as
lower input prices helped drive growth in instant noodle and
Net profit rose to $128.4 million from $104.9 million a year
earlier, the Taiwan-based company said in a filing to the Hong
Kong stock exchange on Monday.
Tingyi, which has a broad-ranging partnership with PepsiCo
Inc and sells noodles under the Master Kong brand in
China, saw 2013 net profits fall 10.9 percent.
It faces strong competition from rival Want Want China
Holdings Ltd, which saw net profits rise 24.1 percent
Tingyi, which also competes with smaller rival Uni-President
China Holdings Ltd, said revenue for the first quarter
was $2.8 billion, up 5 percent from $2.6 billion a year ago.
This was driven by robust growth in revenues from the
instant noodles and the beverage segments, while snack sales
fell 7.29 percent.
Shares of Tingyi, which were up 0.7 percent around midday
(0400 GMT), have fallen 1.79 percent so far this year. The
benchmark Hang Seng Index has lost 2.91 percent during
the same period.
(Reporting by Adam Jourdan; Editing by Subhranshu Sahu)