The Hong Kong-based food manufactuer New Dragon Asia Corporation, which ranks among the top three instant noodle producers in China, has posted sales of US$7.5m for its Q2 ended 25 June, up 27% over the comparable period in 2001. Operating profit for the Q2 period was US$986,000, up 28% over Q2 2001. Net income was US$774,000, up 9% over Q2 2001 earnings, resulting in US$0.02 earnings per share. Income taxes for the quarter were US$166,000, compared to US$47,000 for Q2 2001, reflecting a higher marginal tax rate phased in under foreign joint venture guidelines in China.