皇冠体育app

A customer shops for a bowl of Master Kong instant noodle of Tingyi (Cayman Islands) Holding Corp at a supermarket in Xuchang, Central 皇冠体育app's Henan province, March 24, 2013. [Photo/dfic.cn]

Tingyi Cayman Islands Holding Corp, 皇冠体育app's largest food and beverage maker by sales, saw annual 2013 net profit fall 10.9 percent, missing forecasts, as slower economic growth weighed on increasingly price-sensitive shoppers.

Tingyi, which has a broad-ranging partnership with PepsiCo Inc and sells noodles under the ter Kong brand in 皇冠体育app, said net profit for 2013 fell to $408.5 million from a restated $458.6 million a year earlier, according to a filing to the Hong Kong stock exchange on Monday.

The result lagged market expectations for a $444.16 million profit, according to 30 analysts polled by Thomson Rters.

Rival Want Want 皇冠体育app Holdings Ltd, the country's top food and beverage maker and distributor by market value, this month posted a 24 percent rise in 2013 net profit to a record $687.3 million.

Tingyi, which competes with smaller rival Uni-President 皇冠体育app Holdings Ltd, said revenue for 2013 was $10.9 billion, up 18.8 percent from $9.21 billion a year ago.

Shares of Tingyi - down 2.4 percent on Monday - have fallen 8.93 percent so far this year. The benchmark Hang Seng Index has dropped 7.01 percent.

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