LONDON (Alliance News) - Chinese orange producer Asian Citrus Holdings PLC said Wednesday it has completed pricing negotiations for its summer orange crop, with total production to fall but prices to rise.
Asian Citrus said it will supply around 16,370 tonnes of summer oranges from its Hepu Plantation, down around 14% from a year earlier. The plantation's production yield has been hit by variable weather conditions and consistent rainfall in late 2015 and early 2016, the company said.
It does, however, expect the average pricing for the oranges to increase 3.9% year-on-year.
Still, Asian Citrus said the fall in production at Hepu and other factors which has hit its performance, including the outbreak of citrus greening disease at its Xinfeng plantation, will continue to adversely impact its business.
Shares in Asian Citrus were flat at 4.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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