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CHINA: Tingyi (Cayman Islands) Holding Corp H1 profits rise

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  • First-half profits climb by 9.2% to US$48m
  • EBITDA rises by 13% to $524.7m
  • Sales rise by 27.6% to $4.14bn
  • Beverage profits drop by 3.3% to $158.9m

Tingyi (Cayman Islands) Holding Corp has recorded an increase in first-half profits, driven by adjustments to the company's marketing strategies and cost structure.

For the six months to the end of June, the soft drinks and bottled water producer reached net profits of US$307.5m, a 9.2% increase on the prior-year period. EBITDA in the period climbed by 13% to $524.7m, the company said today (23 August).

Sales increased by 27.6% to $4.14bn, said the group, which is the second-biggest company on China's juice market behind Huiyuan Juice Group, according to Datamonitor figures.

Despite the gains, the firm's beverage division was impacted by the sharp increase in raw material costs and cooler weather in various regions across China.

As a result, profits in the beverages unit dropped by 3.3% to $158.9m. Sales managed a 31% increase to reach $2.39bn, boosted by new product promotions launched in March.

Tingyi's chairman, Wei Ing-Chou, said: "Under the more competitive environment and the harsh conditions of raw material prices, Master Kong will adjust the product mix in the second half of the year, continue to expand the production base for increasing production capacities, upgrade production equipment, improve production techniques and enhance the sales network, in order to increase sales volume and size for more profits."


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