TIDMACHL

RNS Number : 0004I

Asian Citrus Holdings Ltd

20 March 2015

 
 For immediate release   20 March 2015

Asian Citrus Holdings Limited

("Asian Citrus" or the "Company")

Summer Orange Crop

Asian Citrus announces that the Group (the Company together with its subsidiaries) has concluded negotiations on the pricing with its customers for the forthcoming summer orange crop.

Pursuant to recently signed supplier agreements, the Group will supply a total of 20,100 tonnes of summer oranges from Hepu Plantation in the first half of 2015, representing a decrease of approximately 59.4% in comparison to the production output of 49,540 tonnes in the same period last year. The production yield from Hepu Plantation was materially impacted by the previously announced damage sustained from Typhoon Rammasun and Typhoon Seagull in July and September 2014 respectively (the "Typhoons").

Based on current information it is anticipated that the average selling price of the Group's summer orange crop will be approximately 33.5% lower than the prior year, as a result of the extensive typhoon damage from the Typhoons and the consequent poor appearance of oranges infected by citrus canker.

The Board believes that the reduction in the anticipated average selling price and the production volumes of the summer orange crop, the Typhoons and citrus canker as previously announced, will continue to adversely influence the performance of the Group's agricultural produce operations.

 
 For further enquiries please 
  contact:                                +852 2559 
  Asian Citrus                             0323 
 Mark Ng, Executive Director and 
  Chief Financial Officer 
 
 Cantor Fitzgerald Europe (NOMAD         +44 (0) 20 
  and Broker)                             7894 7000 
 Rick Thompson / David Foreman 
  (Corporate Finance) 
 Richard Redmayne (Corporate Broking) 
                                         +44 (0) 20 
 Weber Shandwick Financial                7067 0700 
 Nick Oborne, Stephanie Badjonat, 
  Tom Jenkins

This information is provided by RNS

The company news service from the London Stock Exchange

END

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