Asian Citrus Holdings Ltd Trading Update (0666W)
22 January 2013 - 7:30PM
UK Regulatory
TIDMACHL
RNS Number : 0666W
Asian Citrus Holdings Ltd
22 January 2013
22 January 2013
Asian Citrus Holdings Limited
("Asian Citrus" or "the Company")
Trading Update
The Company announces that based on the preliminary assessment
of the unaudited management accounts of the Group for the six
months ended 31 December 2012, turnover and profit attributable to
shareholders is unlikely to exceed the comparative figure for the
six months ended 31 December 2011. Core net profit is expected to
record a decrease for the six months ended 31 December 2012 as
compared to that recorded for the corresponding period in 2011.
Key factors affecting the financial performance of the Company
for the six months ended 31 December2012 include, but are not
limited to:
(i) as previously announced on 15 November 2012 and more
recently in the Winter orange crop update of 15 January 2013, there
was a 26.9% decrease of winter orange production from the Group's
Hepu Plantation for the six monthsended 31 December 2012;
(ii) a higher volume of fertilisers and pesticides consumed as a
result of the unstable weather and persistent heavy rainfall in
2012, as stated in the Company's announcement dated 15 January
2013;
(iii) higher labour costs incurred as a result of the general wage inflation in the PRC and
(iv) lower average selling price of pineapple juice
concentrates, the Group's main juice product, for the six months
ended 31 December 2012 compared to the corresponding period in 2011
as a result of the destocking by Thai and Philippine producers as
stated in the Company's annual report published on 21 September
2012. The price of pineapple juice concentrates started to decrease
in January 2012, reached a low in August 2012 and has since
improved.
It remains too early in the financial year to judge the
materiality of the above factors to the Group's likely full year
performance, which in the second half will reflect the price
achieved for the Group's summer orange crop, the selling price of
pineapple juice concentrates and the impact of weather on the
volume of fertilisers and pesticides used by the Group.
The assessment of the net gain on the change in fair value of
biological assets for the six months ended 31 December 2012 is
still under review. The net gain on change in fair value of
biological assets does not have any effect on cash flow.
The information contained in this announcement is based only on
the preliminary assessment of the unaudited management accounts of
the Group for the six months ended 31 December 2012 and the
information currently available to the Board. The review now being
conducted by the auditors of the Company on the management accounts
has not yet been completed and the management accounts may still be
subject to adjustments.
The interim results of the Group for the six months ended 31
December 2012 are expected to be released in February 2013.
For further enquiries please contact
Asian Citrus
Eric Sung, Finance Director +852 2559 0323
Seymour Pierce Limited (NOMAD and
Joint Broker)
Rick Thompson/Tom Sheldon +44 (0) 20 7107 8000
Richard Redmayne, Jacqui Briscoe
(Broking)
Liberum Capital Limited (Joint Broker)
Clayton Bush, Richard Bootle +44 (0) 20 3100 2222
Weber Shandwick Financial
Nick Oborne, Stephanie Badjonat,
John Moriarty +44 (0) 20 7067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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