Asian Citrus Holdings Ltd Trading Update (7754Y)
29 January 2014 - 8:00PM
UK Regulatory
TIDMACHL
RNS Number : 7754Y
Asian Citrus Holdings Ltd
29 January 2014
29 January 2014
Asian Citrus Holdings Limited
("Asian Citrus" or "the Group")
Trading Update
As anticipated and based on the preliminary assessment of the
unaudited management accounts of the Group for the six months ended
31 December 2013, turnover and core net profit will be lower than
the comparative period for the six months ended 31 December
2012.
The key factor impacting this trading performance, as previously
highlighted on 27 November 2013 and more recently updated in
respect of the winter orange crop on 21 January 2014, was the
decreased winter orange production and average selling price for
both Xinfeng Plantation and Hepu Plantation for the six months
ended 31 December 2013, which has had a profound impact on the
Company's gross profit margins for these operations.
Additionally, profitability was impacted by a higher volume of
fertilisers and pesticides consumed as a result of the inclement
weather and persistent heavy rainfall in 2013, as stated in the
Company's announcement dated 27 November 2013.
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 and the impact of
weather on the volume of fertilisers and pesticides used by the
Group.
The assessment of the change in fair value of biological assets
for the six months ended 31 December 2013 is still under review.
The change in fair value of biological assets has no effect on the
Group's 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 2013 and the
information currently available to the Board. The Company's
management accounts are being reviewed by the auditor and has not
yet been completed, the management accounts may be subject to
adjustments. The interim results of the Group for the six months
ended 31 December 2013 are expected to be released in late February
2014.
For further enquiries:
Asian Citrus
Tony Tong / Tommy Tong, Executive Director +852 2559 0323
Cantor Fitzgerald Europe (NOMAD and Broker)
Rick Thompson / David Foreman (Corporate
Finance) +44 (0) 20 7894 7000
Richard Redmayne (Corporate Broking)
Weber Shandwick Financial +44 (0) 020 7067 0700
Nick Oborne, Stephanie Badjonat
This information is provided by RNS
The company news service from the London Stock Exchange
END
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