DFM 0.00% 83.0¢ dongfang modern agriculture holding group limited

Citrus delivers Dongfang zesty growth By Bo Seo Updated 14 Jan...

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    Citrus delivers Dongfang zesty growth
    By Bo Seo
    Updated 14 Jan 2019 — 5:14 PM, first published at 4:49 PM
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    Chinese citrus grower Dongfang Modern Agricultural Holding Group reported a bumper harvest in 2018, as its key acquisitions and projection for strong domestic demand bore fruit.
    The company's navel orange harvest hit 42,000 tonnes and camellia seed harvest reached 11,900 tonnes, up 27 and 20 per cent respectively on 2017.
    In addition to the acquisition of new plantations in 2018, Dongfang chief executive Charles So cited strong demand from the Chinese middle class as a key driver of growth.

    Dongfang posted a bumper year in the harvest of camellia seed, navel oranges, tangerines, and pomelo.
    "People are more health conscious. They understand the importance of fruits to their diet," he said. "The Chinese economy is still doing well and so people can afford to go out and buy fruits."
    Dongfang Group, which is listed on the Australian Securities Exchange, announced the acquisition of a 70 per cent stake in Australian health supplements company Bio Health Pharmaceuticals in May 2018.



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    Mr So said the relocation of Bio Health to a plant in western Sydney, scheduled to complete in 2019, would more than double the company's production capacity. This would be a crucial step in Bio Health's plans to expand its health supplements business and to enter into China's lucrative pharmaceuticals market.
    "Since we listed on the ASX, we'd been looking for projects. We finally found it," he said.
    Shares in the company lifted 2 per cent on Monday to $1.02, well below a 12-month high of $1.48 hit in May 2018.
    https://www.copyright link/business...ongfang-zesty-growth-20190114-h1a1ze[/BCOLOR]
 
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