Tingyi 2013 net profit down 10.9 pct

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

Taiwan-based Tingyi, which has a partnership with PepsiCo Inc and sells noodles under the Master Kong brand in the mainland, 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 Reuters.

Tingyi, which competes with rival Uni-President China Holdings, said revenue for 2013 was $10.9 billion, up 18.8 percent from a year ago.