Tingyi has booked a drop in earnings in the first quarter after the Hong Kong-listed food and drinks group was hit with costs related to its tie-up with PepsiCo.

Net profit in the three months to the end of March amounted to US$117.1m compared to earnings of $303.7m last year. Operating profit in the period was down 33.7% to $295m.

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The company said without costs incurred from its beverage tie-up with PepsiCo in China net profit was up by 12.4%.

Sales increased by 79% to $817.5m over the same period. Tingyi said the jump in sales was down to the PepsiCo deal confirmed in March last year, which saw its beverage subsidiary became PepsiCo’s franchise bottler in China.

Turnover for instant noodle increased by 7.3%, while instant food sales dropped slightly by 3.6%.

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