News Column

Asian Citrus Says Full-Year Revenue, Profit To Meet Market View

June 20, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Asian Citrus Holdings Ltd Friday said it expects revenue and profit for the financial year ending June 30 to be in line with current market expectations, which will be down on last year.

The Chinese citrus fruit producer said it harvested 49,540 tonnes of oranges in the summer season, down from 57,367 tonnes a year earlier, and below the 57,000 tonnes of summer oranges for which it had signed contracts.

The company said Friday that production at its Hepu plantation in southern China was still being affected by the citrus canker infection it had reported last year, while production was also hit by frost at the Hepu plantation during the year.

Asian Citrus said that because of these factors, total annual production volume of oranges fell to about 197,467 tonnes in the current year, down 9.7% on the 218,600 tonnes reported a year earlier.

It said its profit for the year, excluding change in fair value of biological assets and share-based payments, will be in line with current market view.

The company said its processed fruits business, which manufactures and sells fruit juice concentrates, purees and frozen fruits and vegetables, has seen continued margin pressure, while production tonnage volumes are in line with the first half of the year.

Asian Citrus shares were down 6.8% at 13.39 pence Friday afternoon.

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Source: Alliance News

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