(Yicai Global) March 28 -- Shares of Tingyi Cayman Islands Holding, better known as Master Kong, tumbled after the Chinese instant noodle and beverage giant posted a 31 percent slump in annual profit, as raw material costs climbed and Covid-19 restrictions weighed on consumption.

The shares [HKG: 0322] closed down 10.4 percent at HKD12.70 (USD1.62) today, after having plunged by as much as 13.8 percent at one point.

Net profit was CNY2.6 billion (USD377.7 million) in the 12 months ended Dec. 31, versus CNY3.8 billion in 2021, the Tianjin-based firm said in an earnings report late yesterday. Revenue rose 6.3 percent to CNY78.7 billion.

Gross profit margin fell 1.3 percentage points to 29.1 percent, the report added.

The company did not provide an earnings forecast for this year, but said it will strengthen its online and offline sales channels to rejuvenate the brand and advance the digital transition in internal management.

Master Kong also said it will pay a final dividend of about CNY0.23 (3.4 US cents) per share and a special final dividend worth the same, down by around 30 percent from the final dividends disbursed in 2021.

Editors: Dou Shicong, Peter Thomas