Chinese noodle maker Tingyi has booked a 10.1% increase in first-quarter profits, as increased sales gains outpaced increases in the cost of raw matterials.
Net income for the three months to 31 March rose to US$102.2m, up from $93m in the comparable period of last year.
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Sales increased 23.3% to $1.45bn, despite intensifying competition in the market for processed food in China.
“Competition is getting more and more intense,” the company said in a statement to the Hong Kong stock exchange today (17 March).
Tingyi insisted that it would maintain “proper control over costs, refine the production process and optimize the product mix” to shore up profitability in the face of rising raw materials costs.
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