Asian Citrus Says First-Half Profit Soars on Supermarket Sales

Asian Citrus Holdings Ltd., China’s biggest orange plantation owner, said first-half net income more than doubled helped by increased sales to supermarkets.

Net income for the six months ended Dec. 31 rose to 523.4 million yuan ($79.6 million) from 247.5 million yuan for the same period a year earlier, the company said today in a statement distributed by the Regulatory News Service. Revenue increased 57 percent to 624 million yuan.

“With the expected growth of the Chinese economy, we are confident that the demand for high quality oranges and juice concentrates in China will continue to grow,” Chairman Tony Tong said in the statement. “The group will continue to build on its existing market leading position by expanding its distribution network.”