21st Jan 2014 10:49
LONDON (Alliance News) - Shares in Asian Citrus Holdings Ltd took a hit Tuesday morning, after the China-based orange plantation operator said that the winter orange crop from its two operational plantations was significantly lower than the previous year.
Asian Citrus said that the actual winter orange crop yield of the group's two operational plantations at Xinfeng and Hepu was approximately 147,927 tonnes, down significantly on the 161,233 tonnes produced during the financial year ended June 2013.
In a statement on November 27, the group warned that profit and revenue in the current financial year ending June 30 would be reduced in its agricultural produce unit as production volumes decreased and the average selling price of the winter orange crop declined. At that time it said that it was expecting to produce around 149,700 tonnes, comprised of 123,400 tonnes from Xinfeng, and 26,300 tonnes from Hepu.
In its latest trading statement Tuesday, it said that the actual Winter Orange crop from its Xinfeng Plantation was approximately 123,228 tonnes, a decline of 4% against 128,395 tonnes reported for the prior year, due to heavy rainfall between April and August 2013.
Actual yield from its Hepu Plantations was approximately 24,699 tonnes, down on the prior year's 32,838 tonnes.
Shares in Asian Citrus were down 5.1% at 17.55 pence per share Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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