Tingyi profit slumps 31pc on higher costs

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