Hong Kong-listed food and drink group Tingyi has reported a 24% rise in half-year profits, helped in part by improved earnings from its noodle unit.

Tingyi booked a 24.2% increase in net profit to US$284.4m for the six months to the end of June.

Profits from Tingyi’s instant noodle arm, its second-largest business by revenue, rose as the company benefited from lower palm oil prices.

Revenue from the instant noodle business increased 15.8% to $1.87bn. The rise helped boost group sales, which were up 9.5% at $4.53bn.