Tingyi saw its earnings fall in the first half as the Hong Kong-listed food and drinks group increased advertising spend and saw profits fall in its instant food and beverage units.
Earnings in the six months to the end of June amounted to US$197m, a 31.4% decline on the prior year period, the firm reported yesterday (26 August). EBITA tumbled 20.7% to $583.3m.
Earnings were affected by profit declines in the group’s instant food and beverage divisions of 1.1% and 67.4%, respectively.
Sales, however, were up 19.6% to $5.42bn, boosted by sales growth in its noodle division.
Click here to view the earnings presentation of the firm’s results.