Asian Citrus Holdings Ltd Winter Orange Crop (4363W)
November 07 2014 - 3:00AM
UK Regulatory
TIDMACHL
RNS Number : 4363W
Asian Citrus Holdings Ltd
07 November 2014
For immediate release 7 November 2014
Asian Citrus Holdings Limited
("Asian Citrus" or "the Company")
Winter 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 winter orange crop.
Update for average selling price
Based on current information, it is anticipated that the average
selling price of the Group's winter orange crop will be
approximately 2.6% higher at Xinfeng Plantation compared to the
prior year. However, the anticipated average selling price at Hepu
Plantation will be approximately 40.2% lower than the prior year;
this reduction reflects both extensive typhoon damage, especially
from Typhoon Rammasun in July 2014, and the poor appearance of
oranges infected by citrus canker.
Update for winter orange crop production yield
Based on the recently signed supplier agreements, the supply of
winter oranges from Xinfeng Plantation will be 113,600 tonnes in
the second half of 2014. This represents a decrease of
approximately 7.8% in comparison to the actual production output of
123,228 tonnes in the same period last year. The reduction reflects
the effect of cryogenic freezing rain and frosts in Xinfeng in
early 2014 on the fruit blossom.
As previously announced in August 2014, Hepu Plantation suffered
extensive damage from the impact of Typhoon Rammasun, the strongest
in the region for over 40 years. There was widespread crop loss and
as a consequence the contracts for the supply of winter oranges
reflect this. Based on the recently signed supplier agreements, the
Group will only supply a total of 7,100 tonnes winter oranges from
Hepu Plantation in the second half of 2014, representing a decrease
of approximately 71.3% in comparison to the actual production
output of 24,699 tonnes in the same period last year.
As a result of the reduction in the production volumes at both
plantations and the anticipated lower average selling price of Hepu
Plantation winter orange crop, the board of directors of the
Company 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 2015 compared to last year's actual
figures.
For further enquiries please
contact: +852 2559
Asian Citrus 0323
Mark Ng, Chief Financial Officer
and Company Secretary
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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