Hong Kong-listed snack firm Tingyi has booked an increase in first-quarter profits on solid growth in its noodle business.
For the three months to the end of March, net profit climbed 76% to US$304.1m. Pre-tax profits increased 59.6% to $362.1m.
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Net sales, however, dropped 5.23% to $1.93bn. The figure was affected by the overall economic environment in the market, the company said.
Turnover from the firm’s instant noodle business grew 10.8% year-on-year to $1.03bn, representing 53.41% of total turnover. Beverage segment turnover, however, fell 21.6% to $817.5m, while instant food sales dropped 8.5% to $159m.
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