Asian Citrus Holdings Ltd Summer Orange Harvest and Update (1853K)
June 20 2014 - 8:14AM
UK Regulatory
TIDMACHL
RNS Number : 1853K
Asian Citrus Holdings Ltd
20 June 2014
For immediate release 20 June 2014
Asian Citrus Holdings Limited
("Asian Citrus" or "the Company")
Summer Orange Harvest and Update
Asian Citrus announces that the actual summer orange crop yield
of the Group's Hepu Plantation for current period was approximately
49,540 tonnes (Financial Year ended 30 June 2013: 57,367 tonnes).
This is below the tonnage indication given in the Summer Orange
Crop statement of 24 March 2014, when the Company announced that it
had signed supplier agreements to supply 57,000 tonnes of summer
oranges. The production yield from Hepu Plantation has, as
previously announced, yet to return to volumes reported prior to
the citrus canker, but production was also impacted by frosts at
Hepu earlier this year.
Reflecting this and the factors highlighted in previous
announcements, the total annual production volume of oranges for
the Group decreased from approximately 218,600 tonnes to about
197,467 tonnes in the current year, which represents a decrease of
approximately 9.7%.
The processed fruits business, which involves the manufacture
and sale of fruit juice concentrates, purees and frozen fruits and
vegetables, has seen production tonnage volumes in line with the
first half year but continued margin pressure.
The assessment of the net change in fair value of biological
assets for the year ending 30 June 2014 is still under review. The
Board wishes to emphasise that the net change in fair value of
biological assets is non-operational and does not have any effect
on cash flow of the Group.
Based on the preliminary assessment of the unaudited financial
information and management accounts of the Group, the turnover and
core net profit(#) for the year ending 30 June 2014 is expected to
be in line with current market expectations, albeit, as announced
previously, lower than that reported in the prior year ended 30
June 2013.
The full year results of the Group for the year ending 30 June
2014 are expected to be published in September 2014.
(#) Core net profit refers to profit for the period excluding
change in fair value of biological assets and share-based
payments.
For further enquiries please contact:
Asian Citrus
Mark Ng, Chief Financial
Officer +852 3622 2380
Cantor Fitzgerald Europe
(NOMAD and Broker)
Rick Thompson / David Foreman +44 (0) 20 7894
(Corporate Finance) 7000
Richard Redmayne (Corporate
Broking)
+44 (0) 020 7067
Weber Shandwick Financial 0000
Nick Oborne, Stephanie Badjonat
This information is provided by RNS
The company news service from the London Stock Exchange
END
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