Tingyi Reports Rising Revenues, Profit In 2017

Instant noodle maker Tingyi (Cayman Islands) posted a fiscal year profit of $287.74 million, a 57 percent increase from a restated $184.5 profit a year earlier. The performance was just beat the Thomson Reuters analyst consensus forecast of $275.5 million. The results ended of four years of sliding growth. Revenue was up 6.1 percent at the same time that distribution, advertising, and promotion expenses fell. But the company, a Chinese partner of Starbucks and PepsiCo, warned of financial headwinds from a volatile global economy, rising raw material costs and growing consumer preferences for more healthful foods. The company said it will further reduce capital expenditure, upgrade products, and promote national food safety standards.