Australian supermarket group Foodland has reported a 19.8% rise in profit for the first five months of the financial year, helped by acquisitions and the strengthening value of the New Zealand dollar.

The company also posted a 47% rise in second-quarter sales, which was more or less in line with expectations following Foodland’s acquisition of Action supermarkets in Queensland and Woolworths New Zealand.

Foodland said its first-half sales were up 50.5% to A$3.22bn (US$1.90bn), reported Reuters.