Tingyi H1 profit up 18%

China's leading food and beverage maker Tingyi (Cayman Islands) Holding Corp said on Monday its first-half net profit rose 17.9 percent, helped by falling prices of raw materials and increased controls over operational costs.

Hong Kong-listed Tingyi, owner of the Master Kong brand and a partner with PepsiCo Inc in China, said profit for the six months ended June totaled $231.9 million.

Tingyi saw net profit for the April-to-June quarter total $103.5 million, up from $91.8 million a year earlier, just below an average forecast of $107.7 million.

Tingyi said total turnover was $5.5 billion for the six-month period.