Sunday, August 18, 2019
Martin Hennecke

Profits fall for noodles producer
Instant noodles producer Nissin Foods (1475) announced its China segment's unaudited operating profit fell 12.4 percent to 2.4 billion yen (HK$171.45 million) for the nine months ended December 31 last year, due to an increase in depreciation costs, IPO related costs, and a one-time gain on sales of property in the same period of the previous year.

Revenues in China during the period rose by 4.2 percent to 30.325 billion yen year-on-year, due to increased sales of cup-type noodles products.

Nissin Foods said the instant noodle market in the mainland has bottomed out.

Meanwhile, Loco Hong Kong (8162) will place a maximum of 96 million shares, representing 19.99 percent of its issued share capital, at 24.1 HK cents per share, a discount of 19.7 percent to the closing price on Monday, with the aim of raising HK$21.48 million for working capital.

Previous news : Hysan expects over 10pc sales drop


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