Asian Citrus Holdings has recorded a net profit of Yn1.11bn (US$172m) for the year ended 30 June, to finish with revenue of Yn1.41bn.
According to a report in the China Daily, the company produced around 217,000 tonnes of oranges during the year, a 16 per cent increase on the previous year’s volume. Of this 64,480 tonnes were supplied directly to supermarkets, accounting for around 32 per cent of the company’s total production.
Asian Citrus, which is mainland China’s largest citrus producer and accounts for around 3 per cent of the market there, also benefitted from a 10 per cent price increase for both its winter and summer crops.
During the course of the year the company completed its acquisition of a 92.94 per cent stake in Beihai Perfuming Garden Juice Company, which is the largest producer of pineapple juice concentrate and lychee juice concentrate in China.
Asian Citrus also plans to develop a production facility in Guangxi with an annual capacity of 40,000 tonnes, the newspaper reported. It has also indicated it would invest Yn500-800m to purchase more citrus plantations in the country.
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