7th Nov 2014 08:50
LONDON (Alliance News) - Asian Citrus Holdings Ltd Friday warned that revenue and profit in its agricultural produce segment will be down in the year to end-June, due to lower production volumes at both of its plantations, and expects lower average selling price of its Hepu plantation winter orange crop.
The company expects the average selling price of is winter orange crop at its Hepu Plantation to be down 40.2% on the previous year, mostly as a result of damage from Typhoon Rammasun in July, and the poor appearance of oranges infected by citrus canker.
Citrus canker is a disease that causes lesions on the leaves, stems and fruit of citrus trees, which is not harmful to humans but means the products become unsightly.
The plantation was heavily damaged by Typhoon Rammasun, which means that the company will only supply a total of 7,100 tonnes of winter oranges from Hepu in the second half of 2014, down 71.3% compared to 24,699 tonnes in the previous year.
Its Xinfeng Plantation fared better, but is still expects to supply 113,600 tonnes of winter oranges in the second half of the year, down 7.8% from 123,228 tonnes a year before. This is a result of freezing rain and frosts in Xinfeng in early 2014. Selling prices from this plantation, however, are expected to be up 2.6% on the previous year.
Shares in Asian Citrus Holdings are trading down 1.2% at 10.75 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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