29th Jan 2014 09:15
LONDON (Alliance News) - Asian Citrus Holdings Ltd, which last week had warned of a lower-than-expected winter orange harvest, Wednesday said its revenues and profits in the first half of its financial year will be lower than in the previous year due to the poor harvest and lower selling prices for the crop.
In a trading update, the citrus fruit producer said profits in the six months to end-December were also hit because it had to use more fertilisers and pesticides in its plantations due to bad weather and persistent heavy rainfall.
However, it said it is too early to say whether these factors will also affect its full-year result, because the situation may be different for its summer orange crop in the second half of the year.
Asian Citrus expects to put out its full interim results in late February.
Its shares were down 5.3% at 15.5 pence in London Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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