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14 Mar 2012 08:30
14 March 2012
Asian Citrus Holdings Limited
("Asian Citrus" or "the Group")
Summer Crop Update
Asian Citrus announces that it has now concluded its negotiations on the pricing of its forthcoming summer crop.
The Group expects to supply approximately 72,700 tonnes of summer oranges in the first half of 2012, broadly in line with the 73,000 tonnes supplied in the first half of last year.
Unseasonably warm weather in 2011 resulted in an unusually strong winter orange crop in China, consequently a short-term over supply of winter oranges to the market and direct competition to the Group's summer oranges. As a result, the Group's summer crop selling price to supermarkets and wholesalers are approximately 1.2 and 1.9% lower respectively year on year. These pricing arrangements do not have any material effect on the Board's expectations for the Group's current year performance.
For further enquiries:
Asian Citrus
Eric Sung, Finance Director +852 2559 0323
Seymour Pierce Limited
Nandita Sahgal, Jonathan Wright, Tom Sheldon (NOMAD) 020 7107 8000
Richard Redmayne (Broking)
Weber Shandwick Financial
Nick Oborne, Stephanie Badjonat, John Moriarty 020 7067 0700
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