March 18, 2013 / 4:16 AM / 5 years ago

China's Tingyi 2012 profit up 8.5 pct, misses forecasts

HONG KONG, March 18 (Reuters) - China’s Tingyi (Cayman Islands) Holding Corp said annual profit rose 8.5 percent as a stabilising domestic economy boosted demand for drinks and instant noodles and as raw material costs fell, but the earnings fell short of expectations.

Tingyi, which has a broad-ranging partnership with PepsiCo Inc and sells noodles under the Master Kong brand in China, said profit for 2012 rose to $455.2 million, up from $419.55 million a year earlier, also helped by improvements in production efficiency.

The result lagged market expectations of $485.65 million, according to Thomson Reuters Starmine SmartEstimate.

Rival Want Want China Holdings Ltd, the country’s top food and beverage maker and distributor by market value, this month posted a 32 percent rise in 2012 net profit to a record $553.8 million, largely due to softer raw material prices.

Tingyi, which competes with smaller rival Uni-President China Holdings Ltd, said revenue for 2012 was $9.21 billion for 2012, up 17.1 percent from $7.87 billion a year ago.

To see the statement, please click on

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below