Tingyi (Cayman Islands) : First-Half Profit Rises 58%

By Ben Otto

Tingyi (Cayman Islands) Holding Corp.'s net profit in the first half soared 58% on record instant noodle sales and higher profit margins, as the Covid-19 crisis promoted household consumption.

Net profit in the period was 2.38 billion yuan ($344 million), up from CNY1.50 billion a year ago, the Shanghai-based instant noodle and beverage maker said Monday.

Revenue rose 8.0% from a year earlier to CNY32.93 billion, it said.

The company noted that the "middle and late stages" of the Covid-19 crisis "have been accompanied by the growing needs of household consumption."

It added that its instant noodle and beverage businesses "could take on a favorable development momentum" as the domestic economy continues to recover from the economic effects of the pandemic.

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