CAYMAN ISLANDS: Tingyi Holding Corp's drinks profits surge in H1
- Beverage unit H1 net profits leap 68.6% to US$268m
- Net sales rise 4.7% to $2.5bn
- Total group profit rise 36.9% to $420.8m
- More products to be introduced due to PepsiCo deal
Tingyi has reported a healthy rise in H1 profits
Tingyi Holding Corp has reported a strong rise in first-half net profits in its beverage division, despite an overall slowing in the market due to weak consumer spending in China.
Net profits in the six months to the end of June leapt by 68.6% to US$268m in the division, the noodles, food and drinks group said today (20 August). Sales were up 4.7% in the same period.
Overall group profits increased 36.9% to $420.8m.
Under a deal confirmed in March, Tingyi's beverage subsidiary became PepsiCo's franchise bottler in China.
Tingyi said that, in the "face of economic slowdown and low growth of the beverage industry", it has "proactively adjusted its operating strategies to adapt to the market changes". Drinks sales now represent 55.24% of the group’s total turnover, it said.
Looking ahead, the group said through its link-up with PepsiCo it will "introduce more products which cater for the taste of customers" at a reasonable price, in order to "satisfy different needs of customers".
Shares in Tingyi were today up 4.98% at HKD20.85.
To view Tingyi's full statement, click here
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