20th Mar 2015 08:42
LONDON (Alliance News) - Orange plantation operator and owner Asian Citrus Holdings Ltd on Friday said it expects to supply substantially fewer summer oranges from the Hepu Plantation in China in the first half and anticipates the average selling price will be substantially lower too, further impacting the performance of its agricultural produce business.
The company said it has signed a supplier agreement to provide a total of 20,100 tonnes of summer orange from the Hepu Plantation in the first half of 2015, down 59% from the 49,540 tonnes supplied in the comparable period in 2014. The production yield from Hepu was hit hard by damage caused by Typhoon Rammasun and Typhoon Seagull in 2014.
Based on current information, the company also anticipates the average selling price of its summer orange crop will be around 34% lower year-on-year, due to the extensive damage caused by the typhoons and consequent poor appearance of oranges infected by citrus canker.
Asian Citrus said it expects the combination of the lower average selling price and reduced production volumes to continue to damage the performance of its agricultural produce operations.
Shares in Asian Citrus were down 2.9% to 5.95 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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