Asian Citrus Holdings Ltd Winter Orange Crop (5547J)
December 18 2015 - 3:50AM
UK Regulatory
TIDMACHL
RNS Number : 5547J
Asian Citrus Holdings Ltd
18 December 2015
For immediate release 18 December 2015
Asian Citrus Holdings Limited
("Asian Citrus" or the "Company", together with its subsidiaries
(the "Group"))
Winter Orange Crop
Asian Citrus provides the following update for the forthcoming
winter orange crop from the Group's Hepu Plantation and Xinfeng
Plantation.
Hepu Plantation
The winter orange crop from Hepu Plantation which has been
impacted by poor weather will, based on the recently signed supply
agreements, supply a total of approximately 4,700 tonnes winter
oranges in the second half of 2015, compared to the actual
production output of 7,146 tonnes in the same period last year
Based on current information, the anticipated average selling
price of the winter orange crop from Hepu Plantation will however
show an increase of approximately 3% compared to the prior
year.
Xinfeng Plantation
As previously announced in April and May 2015, Xinfeng
Plantation suffered very significant damage from the impact of
Huanglongbing disease, also known as citrus greening disease. As
announced at the time the Company's annual results for the
financial year ended 30 June 2015 on 30 September 2015, 317,839
orange trees had to be removed due to the infection of
Huanglongbing disease. Accordingly the estimated production output
for the second half of 2015 will be approximately 11,000 tonnes in
comparison to the actual production output of 103,847 tonnes in the
same period last year. The Board wishes to reiterate that the
impact of Huanglongbing disease in Xinfeng Plantation is
significant with regard to the 2015 winter orange harvest and will
have ongoing adverse effect on the results of the Group for the
financial year ending 30 June 2016.
Reflecting this and the factors highlighted in previous
announcements, it is anticipated that the actual average selling
prices of winter orange crop will be approximately 23.6% lower at
Xinfeng Plantation compared to the prior year.
As a result of the reduction in the production volumes at both
plantations and the anticipated lower selling prices of winter
orange crop from Xinfeng Plantation, the Board estimates there will
be a reduction in revenue and profit generated from the Group's
agricultural produce segment for the financial year ending 30 June
2016 compared to last year's actual figures.
For further enquiries please contact:
Asian Citrus +852 3951 0000
Vasco van der Flier, Head of Investor Relations
Cantor Fitzgerald Europe (NOMAD +44 (0) 20 7894
and Broker) 7000
Rick Thompson/David Foreman/Michael Reynolds
(Corporate Finance)
+44 (0) 20 7067
Weber Shandwick Financial 0700
Nick Oborne, Stephanie Badjonat, Tom Jenkins
This information is provided by RNS
The company news service from the London Stock Exchange
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