TIDMACHL

RNS Number : 5165T

Asian Citrus Holdings Ltd

30 March 2016

 
 For immediate release   30 March 2016

Asian Citrus Holdings Limited

("Asian Citrus" or the "Company", together with its subsidiaries (the "Group"))

Summer Orange Crop

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

Based on the recently signed supply agreements, the Group will supply a total of approximately 16,370 tonnes of summer oranges from Hepu Plantation, representing a decrease of approximately 14.4% in comparison to the production output of 19,132 tonnes in the same period last year. The production yield of the summer orange crop from Hepu Plantation has been affected by variable weather and persistent rainfall in the latter 2015 and early 2016.

However, based on the current information, it is anticipated that the average selling price of the summer orange crop will show an increase of approximately 3.9% compared to the prior year.

The board of directors of the Company believes that the decrease in production volume of the summer crop and the other key factors affecting the financial performance of the Group, as previously announced in the Company's interim results announcement on 26 February 2016, will continue to adversely influence the performance of the Group's agricultural produce operations.

For further enquiries please contact:

 
 Asian Citrus                                   +852 3951 0000 
 Emma Ng (Chief Financial Officer and Company Secretary) 
 
 Cantor Fitzgerald Europe (NOMAD and Broker)    +44 (0) 20 7894 7000 
 Rick Thompson/David Foreman/Michael Reynolds (Corporate Finance) 
 
 Weber Shandwick Financial                      +44 (0) 20 7067 0700 
 Nick Oborne, Stephanie Badjonat, Tom Jenkins

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGRGDXXSXBGLG

(END) Dow Jones Newswires

March 30, 2016 04:00 ET (08:00 GMT)

Asian Citrus (LSE:ACHL)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Asian Citrus Charts.
Asian Citrus (LSE:ACHL)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Asian Citrus Charts.