HONG KONG, March 27 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
(Reporting by Donny Kwok; Editing by Anne Marie Roantree and