Australian confectionery producer Buderim Ginger said it is expecting pre-tax profits for 2002 to be higher than forecast.

The company upgraded its pre-tax profit forecast to around A$1.1m (US$0.6m) for 2002, compared to a previous forecast of around $1m.

In 2001, Buderim Ginger recorded net earnings of $1.28m. The company said it expects to post a record net profit of $1.4m for the second half of 2002.

The company’s chairman, John Ruscoe, said the outlook for 2003 was strong for significant growth in net profit.

He added that Buderim Ginger would focus on new products, investments and improvements in management control of business, reported Asia Pulse.