China Resources to seek acquisitions

China Resources Enterprise Ltd, which formed a soft-drink venture with Japan's Kirin Holdings Ltd in January, will seek acquisitions to expand as profit almost doubled last year on higher supermarket and beer sales.

Net income climbed to HK$5.67 billion ($727 million) from HK$2.91 billion in 2009, the company said in a Hong Kong Stock Exchange filing Thursday. That compared with the HK$5.33 billion average of 14 analyst estimates compiled by Bloomberg. Sales rose 22 percent to HK$87.1 billion.

"Looking ahead to 2011, we expect to see a robust retail market environment in China," Chairman Qiao Shibo said in the statement. "The group will continue to actively look for opportunities to develop and strengthen its core businesses through acquisitions and organic growth."