Asian Citrus Holdings Ltd Summer Crop Update (1144B)
28 March 2013 - 8:30PM
UK Regulatory
TIDMACHL
RNS Number : 1144B
Asian Citrus Holdings Ltd
28 March 2013
28 March 2013
Asian Citrus Holdings Limited
("Asian Citrus" or "the Group")
Summer Crop Update
Asian Citrus announces that it has now concluded its
negotiations on the pricing of its forthcoming summer crop. As of
the date of this announcement, the Group has signed supplier
contracts to supply 58,600 tonnes of summer oranges in the first
half of 2013 and the selling prices to supermarkets and wholesalers
have increased by 0.4% and 0.4% respectively year on year.
The 18.4% decrease in the production volume of summer crop in
2013, by comparison to the production volume supplied in the first
half of last year, is due largely to the effect on the Hepu
plantation of the unstable weather conditions experienced during
2012 which has led to an extensive infection of citrus canker, a
latent infection amongst orange and other citrus crops which is for
the most part controllable in normal weather conditions but to
which such crops are at much higher risk during periods of heavy
rainfall and typhoons, such as those experienced in 2012. The
infection resulted in a significant volume of premature fruit drop
in the summer crop.
Citrus canker is an infection of the fruit itself, and therefore
the orange trees themselves are not subject to damage.
In light of the above, and the specific weather conditions
experienced during 2012, the Board considers the effect of this
citrus canker infection to be limited to the current year's summer
crop and anticipates that production volumes from Hepu Plantation
will return in the next financial year to volumes akin to
previously reported levels, subject to normal weather
conditions.
As a result of the decrease in production volume of the summer
crop, and in addition to the other key factors affecting the
financial performance of the Company as announced on 22 January
2013, the Board estimates there will be a significant reduction in
revenue and profit generated from the Group's agricultural produce
segment for the financial year ending 30 June 2013.
For further enquiries please contact:
Asian Citrus
Eric Sung (Finance Director) Tel: +852 2559 0323
Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker)
Tel: +44 20 7107 8000
Rick Thompson / Tom Sheldon (Corporate Finance)
Richard Redmayne (Corporate Broking)
Liberum Capital Limited (Joint Broker) Tel: +44 20 3100 2222
Clayton Bush / Richard Bootle
Weber Shandwick Financial Tel: +44 20 7067 0700
Nick Oborne / John Moriarty / Stephanie Badjonat
This information is provided by RNS
The company news service from the London Stock Exchange
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