Tingyi Q1 Profit Drops 47%

China's Tingyi (Cayman Islands) Holding TCYMY reported a 47% drop in its first-quarter profit. Tingyi's quarterly net profit fell to $104.9 million, versus a restated $199.5 million, in the year-ago period. However, analysts were expecting a net profit of $122 million. Tingyi's total turnover rose to $2.6 billion from $1.93 billion.