Tingyi profit slumps 31pc on higher costs

New Straits Times - - Business World -

HONG KONG: Chi­nese in­stant noo­dle maker Tingyi (Cay­man Is­lands) Hold­ing Corp said yes­ter­day an­nual profit plunged 31 per cent, hit by higher raw ma­te­ri­als costs and a con­sumer shift to­wards health­ier food and drinks. Tingyi, owner of the Master Kong brand of food and the Chi­nese part­ner of Star­bucks Corp in ready-to-drink cof­fee and Pep­siCo Inc in fruit juice, also said it ex­pected the year ahead to be chal­leng­ing.

Tingyi said net profit came in at US$176.9 mil­lion (RM780.13 mil­lion) in the Jan­uary-De­cem­ber pe­riod, its low­est yearly profit since 2006. Agen­cies

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