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.
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