Noodles, frozen food and beverages maker, Nissin Foods (1475) said net profit for the first quarter increased by 7.95 percent to HK$98.97 million, from HK$91.7 million in the year before. The gross profit margin fell by 0.8 percent to 32.1 percent, mainly due to the increase in raw material costs year-on-year., Nissin Foods said. Revenue increased by 10.6 percent to HK$884.6 million, from HK$799.6 million the year before. Revenue from Hong Kong operations increased by 11.1 percent due to increased demand of bag-type instant noodles. Mainland China revenue also increased by 10.3 percent (16.1 percent in local currency) due to the improvement in sales volume of cup noddles.

Source: The Standard May 11, 2020 05:22 UTC