Tingyi Holding Corp’s beverage unit has reported a healthy rise in first-half sales but profits fell as it cycled a one-off gain from last year’s tie-up with PepsiCo.
Net profits from beverages in the six months to the end of June dropped by 67.4% to US$87.5m, the Tianjin, China, headquartered group reported yesterday (26 August). Net sales in the period rose by 29.7% to $3.25bn, while pre-tax profits in the unit dropped by 58% to $133.8m.
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