Hong Kong listed food and beverage group Tingyi has booked a jump in third-quarter earnings, but nine-month profits remained below 2012 levels.
The company said today (18 November) third-quarter net profit rose 30.97% to US$278m. EBITDA gained 17.97% to US$472m. Sales grew by more than 15% to hit US$3.39bn.
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However, the strong third quarter failed to offset lower first-half profitability as the group increased its investment in advertising and saw earnings from its instant food business drop.
As a consequence, profit in the first nine months of the year fell 17.7% to US$523m and EBITDA was down 7% to US$1.05bn. However, Tingyi booked a strong increase in nine-month sales, which increased 17.83% to US$8.81bn.
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