Master-Kong maker Tingyi Holding Corp. has reported a fall in first-half sales and profits after weakness in its noodle and instant food businesses.
The firm posted an 18.9% drop in profit to US$273.3m and a 3.4% fall in EBITDA to US$679.6m.
Go deeper with GlobalData
Tingyi said its noodle business in the first half saw an 11.8% fall in sales to US$1.79bn as "the instant noodle industry was characterised with a fall in volume and an increase in price."
Tingyi also reported a 25.4% slide in sales at its instant food business to $66.8m, as a result of the slowdown of growth in the Chinese economy and "the impact on the continuing sluggishness in the traditional biscuit market".
Turnover for the group, which includes the results of its beverage business, fell 11.5% to $4.8bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
