Chinese food and drinks manufacturer Tingyi has posted a 48% increase in profit for the first quarter of the year.

Net profit for the three months to the end of March hit US$173m, the Master Kong noodle maker said. EBITDA grew 23.5% to $364.2m.

Sales were up 5% at $2.78bn.

Sales from its instant noodle business grew 4.1% year-on-year to $1.14bn. However, sales of the group’s instant food business were US$53.2m, a 7% drop on the same period last year.

To read the company’s full results, click here.

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By GlobalData