HONG KONG: Higher sales, lower palm oil prices help Tingyi profits
Tingyi, the Hong Kong-listed food and drink group, saw profits increase by more than 34% in the third quarter amid higher sales and a drop in palm oil prices.
The company booked net profit of US$211.4m for the three months to the end of September, up 34.3% on the year. EBITDA rose 33.2% to $398.7m.
The higher earnings came as sales climbed 33.6% to $2.95bn and the pressure from raw material costs eased.
Noodle sales were up 7.2% at $1.04bn. Margins from Tingyi's largest business improved thanks to lower palm oil prices.
- On the move: What's in store from Tesco's new CEO?
- The just-food interview: Premier Foods CEO Darby
- On the money: Can Premier build H2 sales momentum?
- Focus: Lindt plays safe with Russell Stover buy
- Interview: Bell hits out at German cartel ruling
- UPDATE: Premier establishes international unit
- Campbell issues warning on 2014/15 fiscal year
- S&A Foods announces restructure, 55 jobs to go
- Premier launches Oxo pots range in UK
- Universal Robina to buy biscuit firm Griffin's