Tingyi Q1 net profit up 22.4 pct

Tingyi Cayman Islands Holding Corp, China's largest food and beverage maker by sales, reported a 22.4 percent rise in first-quarter net profit as lower input prices helped drive growth in instant noodle and beverage sales.

Net profit rose to $128.4 million from $104.9 million a year earlier, the Taiwan-based company said in a filing to the Hong Kong stock exchange on Monday. Tingyi saw 2013 net profits fall 10.9 percent.

Tingyi said revenue for the first quarter was $2.8 billion.