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12 Dec 2008 10:29
For immediate release 12 December 2008
Asian Citrus Holdings Limited
("Asian Citrus" or "the Group")
AGM Statement
Asian Citrus, the largest orange plantation owner and operator in China, will today hold its AGM at the offices of JP Morgan Cazenove. At the meeting the following statement will be made.
"As we announced in October, the Group's revenue for the financial year 2007/08 was up 11% to RMB534 million while the net profit was up by 25% to RMB399 million. Total production of the year was approximately 130,000 tonnes. We have approximately 1.2 million trees in the Hepu plantation of which 1.1 million are orange- bearing, while 400,000 of the 1.6 million tress in Xinfeng Plantation were orange-bearing in 2007/2008. In this coming year, in addition to the first batch of 400,000 fruit-bearing orange-bearing trees in the Xinfeng Plantation, a second batch of 400,000 trees started their trial crops in winter of 2008.
"Apart from the updates about our operations, I would also like to highlight the strong financial position of the Group with net cash balances and positive operational cash flows. Also, starting from 1 January 2008, according to the new tax policy in China, the Group's growing business, i.e. growing and selling oranges, is totally exempt from enterprise income tax".
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For further information please contact:
Asian Citrus Holdings Limited Tel: 852 2559 0323
Tony Tong, Chairman and Chief Executive Officer
Eric Sung, Finance Director
JPMorgan Cazenove Tel: 0207 588 2828
James Mitford/Gina Gibson
Weber Shandwick Financial Tel: 020 7067 0700
Terry Garrett, Stephanie Badjonat, John Moriarty
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