Tingyi Q4 Net Profit Drops 75%

China's Tingyi (Cayman Islands) Holding

reported a 75% drop in its fourth-quarter profit. Tingyi's quarterly net profit fell to $14.9 million, from $59.9 million, in the year-ago period. However, analysts were expecting a profit of $45.37 million. Tingyi' 2012 profit climbed 8.5% to its $455.2 million, missing analysts' estimates of $485.65 million. Tingyi shares closed at $55.82 on Friday.