TIDMACHL

RNS Number : 1103I

Asian Citrus Holdings Ltd

28 June 2013

 
 For immediate release   28 June 2013

Asian Citrus Holdings Limited

("Asian Citrus" or "the Group")

Summer ORANGE HARVEST

Asian Citrus, the largest orange producer, plantation owner and tropical fruit juice producer in China, announces that the latest production volume of its Summer Orange crop at its Hepu Plantation was 57,367 tonnes, broadly in-line with management expectations for the summer production of 58,600 tonnes as indicated in the Summer Crop Update announced on 28 March 2013.

As previously stated on 28 March 2013 the decrease in production volume is due largely to the effect on the Hepu plantation of the unstable weather conditions experienced during 2012 which led to an extensive infection of citrus canker, a latent infection amongst orange and other citrus crops which is for the most part controllable in normal weather conditions but to which such crops are at much higher risk during periods of heavy rainfall and typhoons, such as those experienced in 2012. The infection resulted in a significant volume of premature fruit drop in the summer crop.

As previously highlighted, the Board considers the effect of this citrus canker infection to be limited to the current year's summer crop and anticipates that production volumes from Hepu Plantation will return in the next financial year to volumes akin to previously reported levels, subject to normal weather conditions.

The total annual production volume for the Group decreased in line with management expectations, from approximately 243,421 tonnes to about 218,600 tonnes in the current year which represents a decrease of approximately 10.2%.

The full year results of the Group for the year ending 30 June 2013 are expected to be published in September 2013.

For further enquiries please contact

 
 Asian Citrus 
  Tony Tong / Tommy Tong, Executive 
  Director                                    +852 2559 0323 
 Cantor Fitzgerald Europe (NOMAD and 
  Joint Broker) 
  Rick Thompson / Tom Sheldon (Corporate 
  Finance)                                  +44 (0) 20 7894 7000 
 Richard Redmayne (Corporate Broking) 
 Liberum Capital Limited (Joint Broker) 
  Clayton Bush / Richard Bootle               +44 (0) 20 3100 2222 
 
 Weber Shandwick Financial 
  Nick Oborne, Stephanie Badjonat, 
  John Moriarty                               +44 (0) 20 7067 0700

This information is provided by RNS

The company news service from the London Stock Exchange

END

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