Tingyi: Material costs bite instant noodle maker

Tianjin / CN. (div) Tingyi (Cayman Islands) Holding Corporation, China´s biggest maker of packaged food, posted its slowest first-quarter profit growth in three years as raw material costs rose and competition intensified. Net income in the three months ended in March rose to 102,2 million USD or 0,0182 USD a share, from 93 million USD or 0,0166 USD, a year earlier, the Tianjin-based company said in a statement to Hong Kong´s stock exchange. Sales increased 23,3 percent to 1,45 billion USD. Instant noodle sales rose 21,9 percent to 716,5 million USD in the first quarter from a year earlier and beverage sales increased 29,5 percent to 680,3 million USD. Tingyi´s market share for instant noodles in terms of sales volume rose to 42,6 percent in China, the company said, citing a AC Nielsen survey in March. Tingyi sells high-end packet noodles under its «Master Kong» label and also targets lower-income consumers with its «Fumanduo» brand.

About: Tingyi (Cayman Islands) Holding Corporation is the largest instant noodle producer and Taiwanese enterprise in China. It specialises in the production and distribution of instant noodles, beverages, baked goods and soft drinks with its brand name «Master Kong». The company was founded 1991 in Tianjin by the Wei brothers from Changhua County, Taiwan. It was listed on the Hong Kong Stock Exchange in 1996. It is a wholly-owned subsidiary of Ting Hsin International Group. Tingyi is available on the internet as follows:
Tingyi (Cayman Islands) Holding Corporation (China)
Tingyi (Cayman Islands) Holding Corporation (Taiwan)
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