CHINA: Tingyi posts steep drop in Q1 net profit on higher costs
Shares in China's largest instant noodle maker, Tingyi, dropped sharply on Tuesday morning after the company announced that its first quarter net profit fell 60% year-on-year to US$8.89m due to higher raw material costs. Tingyi said sales in the second quarter were likely to be impacted indirectly by the outbreak of the SARS virus due to decreased consumer spending, reported Reuters.
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