Asian Citrus Holdings

China’s largest orange plantation owner and operator, Asian Citrus Holdings, announced its results for the 2007/08 financial year, with net profit rising 25.3 per cent to RMB399.3m (US$58.4m).

The group attained ‘organic product’ accreditation, according to a press release, and will introduce an own-branded line of fruit juice with a launch expected by the end of 2008.

“The group remains confident that consumer demand for oranges in China will increase,” said chairman Tony Tong.

“During the year, good progress was made in expanding sales to supermarkets in areas other than Guangxi, which was impacted by cold weather during the past winter,” he said. “Despite this extreme cold weather in the first quarter of 2008, the group continued to increase its sales to supermarkets.”

Asian Citrus Holdings is developing a new plantation in Hunan, and plans to plant 2.4m trees by 2011. The company is also developing an agricultural wholesale market and processing centre in Xingfeng.