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24 Mar 2014 08:30
For immediate release 24 March 2014
Asian Citrus Holdings Limited
("Asian Citrus" or "the Company")
Summer Orange Crop
Asian Citrus announces that the Group (the Company together with its subsidiaries) has concluded negotiations on the pricing with customers for the forthcoming summer orange crop.
As of the date of this announcement, the Group has signed supplier agreements to supply a total of 57,000 tonnes of summer oranges in the first half of 2014, which is comparable with the production output of 57,367 tonnes achieved in the same period last year. The production yield from Hepu Plantation has yet to return to volumes reported prior to the citrus canker infection reported last year.
Based on the current information, the selling prices to supermarkets and wholesalers for summer orange crop are broadly flat, with a marginal decrease of approximately 1.0% and 1.3% respectively.
The Board believes that the production volumes and selling prices of the summer orange crop, in addition to those key factors affecting the financial performance of the Group as previously announced on 29 January 2014 and more recently updated in the interim results for the six months ended 31 December 2013 announced on 26 February 2014, will continue to influence the performance of the Group's agricultural produce operations.
For further enquiries please contact:
Asian Citrus | |
Mark Ng, Chief Financial Officer | +852 3622 2380 |
Cantor Fitzgerald Europe (NOMAD and Broker) | |
Rick Thompson / David Foreman (Corporate Finance) | +44 (0) 20 7894 7000 |
Richard Redmayne (Corporate Broking)
| |
Weber Shandwick Financial | +44 (0) 020 7067 0000 |
Nick Oborne, Stephanie Badjonat |
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