Packaged food maker Tingyi's profit up 61%

Tingyi (Cayman Islands) Holding Corp, China's biggest maker of packaged food, said its profits in the first quarter of the year increased by 61 percent as it booked a provisional gain from its alliance with PepsiCo Inc.

Its net income rose to $198 million in the three months this year, up from $123 million a year earlier, Tingyi said in a statement on Monday. Its revenue from sales fell by 5.2 percent to $1.9 billion. Its revenue from sources other than its operations, including its gains from a deal signed with PepsiCo, increased to $211 million, up from $25 million a year earlier.