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5 months ago
Tingyi profit slumps to 10-year low as consumers choose healthier snacks
March 27, 2017 / 5:24 AM / 5 months ago

Tingyi profit slumps to 10-year low as consumers choose healthier snacks

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)

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