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HONG KONG, March 27 (Reuters) - Chinese instant noodle maker Tingyi (Cayman Islands) Holding Corp said on Monday said annual profit plunged 31 percent, hit by higher raw materials costs and a consumer shift towards shift towards healthier foods and drinks.
Tingyi said net profit came in at $176.9 million in the January-December period, its lowest yearly profit since 2006. The result lagged an average forecast of $190 million from 24 analysts polled Thomson Reuters I/B/E/S.
Revenue fell 8 percent to $8.4 billion.
Shares of Tingyi were down 0.4 percent after the results were announced. (Reporting by Donny Kwok; Editing by Anne Marie Roantree and Edwina Gibbs)