| 26/05/2009 |
| Tingyi (Cayman Islands) Holdings (0322), China's biggest maker of packaged food, said first-quarter profit surged 43 percent on increased instant noodle and beverage consumption. Net income for the January-March quarter rose to US$93 million (HK$725.4 million) from US$65 million a year earlier, the maker of Master Kong instant noodles said yesterday. Sales jumped 21.3 percent to US$1.18 billion. Instant noodle sales rose 11.9 percent to US$587.7 million in the first quarter from a year earlier and beverage sales gained 36.7 percent to US$525 million, Tianjin-based Tingyi said. "The first-quarter result is quite encouraging, it surprised the market on the upside. Tingyi's traditional peak season is summer time," said a local analyst who has a buy rating on the stock. Tingyi's gross margin grew by 2.97 percent to 35.37 percent and net profit margin by 1.17 percent to 7.89 percent during the first three months. "The result ... is the group's best ever quarter," Tingyi said. The company plans to spend US$268 million on boosting noodle and beverage output capacity by 20 percent this year. Operating costs were modest with finance costs falling 28.32 percent. The stock eased 0.34 percent to HK$11.56. |
Tuesday, May 26, 2009
Mainland noodle giant Tingyi reports `best ever' quarterly result
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