CHINA: Tingyi posts 30% increase in H1 profits
Chinese instant noodle producer Tingyi posted increased first-half profits on the back of rising sales on Monday (17 August).
Net profit for the six months to 30 June increased to US$249.1m versus $190.9m in the comparable period of 2008.
Turnover increased 22% to reach $2.5bn from $2.05bn in the same period last year.
The company said sales in its bakery division grew by 14.3% year-on-year to $77.6m, representing 3.10% of the group's total turnover.
Revenue from the company's instant noodles division grew by 9.36% year-on-year to $1.07bn, representing 42.95% of the group's total turnover.
Group EBITDA rose to $416.9m compared to $322.1m in 2008.
"Looking forward, the group will continue to focus on developing instant foods and beverage business and to further strengthen its leader position in the PRC market," the company said.
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