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Tingyi sees profit for Q1 surge 61.19%

May. 30, 2012 (China Knowledge) - Tingyi (Cayman Islands) Holding Corp<0322>, owner of the popular noodle brand Master Kong, has posted US$198 million or RMB 1.25 billion-net profit for the first quarter of this year, reflecting a YoY increase of 61.19% from US$123 million.

In the reporting period, the Hong Kong-listed firm's operating revenue, however, fell 5.23% YoY from US$2.03 billion to US$1.93 billion.

Revenue from its instant noodle business grew 10.85% from a year earlier to US$1.03 billion, accounting for 53.41% of the total revenue. US$817 million or 42.41% of the total revenue was derived from beverage business, down 21.56% YoY.

The company's earnings per share were 3.55 US cents in the three months ended Mar. 31, 2012. In the same period, the firm's gross margin rose 2.44 percentage points to 29.11%.

Earlier this month, Tingyi announced plans to set up a US$24 million joint venture with Japan ham and sausage maker Prima Meat Packers Ltd to process poultry and meat products in China, sources reported.

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