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China's Tingyi 2013 net profit down 10.9 pct, lags forecast
March 24, 2014 / 4:30 AM / 3 years ago

China's Tingyi 2013 net profit down 10.9 pct, lags forecast

March 24 (Reuters) - Tingyi Cayman Islands Holding Corp , China’s largest food and beverage maker by sales, saw annual 2013 net profit fall 10.9 percent, missing forecasts, as slower economic growth weighed on increasingly price-sensitive shoppers.

Taiwan-based Tingyi, which has a broad-ranging partnership with PepsiCo Inc and sells noodles under the Master Kong brand in China, said net profit for 2013 fell to $408.5 million from a restated $458.6 million a year earlier, according to a filing to the Hong Kong stock exchange on Monday.

The result lagged market expectations for a $444.16 million profit, according to 30 analysts polled by Thomson Reuters.

Rival Want Want China Holdings Ltd, the country’s top food and beverage maker and distributor by market value, this month posted a 24 percent rise in 2013 net profit to a record $687.3 million.

Tingyi, which competes with smaller rival Uni-President China Holdings Ltd, said revenue for 2013 was $10.9 billion, up 18.8 percent from $9.21 billion a year ago.

Shares of Tingyi - down 2.4 percent on Monday - have fallen 8.93 percent so far this year. The benchmark Hang Seng Index has dropped 7.01 percent. (Reporting by Adam Jourdan in SHANGHAI; Editing by Miral Fahmy)

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