Tingyi H1 Net Profit Declines 31.4%

China's Tingyi (Cayman Islands) Holding

reported a 31.4% drop in its first-half net profit. Tingyi's profit for the six months declined to $196.7 million, versus a restated $286.7 million, in the year-ago period. However, analysts were expecting a profit of $213 million. Tingyi's total turnover rose to $5.42 billion from $4.53 billion.