August 27, 2018 / 9:21 AM / a month ago

China's Tingyi Q2 profit soars on upbeat sales

HONG KONG, Aug 27 (Reuters) - Tingyi (Cayman Islands) Holding Corp, a Chinese food and beverage maker, on Monday posted a 123 percent rise in quarterly net profit, buoyed by upbeat noodle sales and costs of beverage products amid a recovery in the consumer goods market.

Tingyi, owner of the Master Kong brand, said profit rose to 594.4 million yuan ($86.5 million) in the three months ended June, from 266.70 million yuan profit a year earlier.

Revenue grew 11.1 percent to 15.96 billion yuan during the second quarter.

The instant noodle maker and beverage producer, a Chinese partner of Starbucks and PepsiCo, said its gross profit margin for the quarter rose 2.56 percentage points to 32.71 percent.

Tingyi reported a surge of 86.6 percent at 1.31 billion yuan in its first-half profit, beating 1.085 billion yuan forecast by Thomson Reuters I/B/E/S. Revenue rose 8.5 percent to about 31 billion yuan.

$1 = 6.8740 Chinese yuan Reporting by Donny Kwok; Editing by Sherry Jacob-Phillips

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