Tingyi Q1 Profit Drops

reported a 17 percent decline in its net profit for its first quarter. The Chinese company's quarterly net profit slipped to US$107 million, versus a year-ago profit of US$128 million. Its revenue dropped 17 percent to US$2.32 billion. The company's sales of instant noodles dropped 13 percent to US$1 billion in the quarter, while sales of beverages declined 19 percent to US$1.26 billion.