Full Year Trading Update (2293L)

TIDMACHL

RNS Number : 2293L

Asian Citrus Holdings Ltd

28 July 2011

 
 For immediate release   28 July 2011

Asian Citrus Holdings Limited

("Asian Citrus" or "the Group")

Full Year Trading Update

The Board of Asian Citrus Holdings, the largest orange plantation owner and operator in China, wishes to inform the shareholders of the Company and potential investors in the Company that, based on the preliminary assessment of the unaudited management accounts of the Group, the unaudited profit attributable to the shareholders of the Company for the year ended 30 June 2011 is expected to increase substantially as compared to the audited profit attributable to the shareholders of the Company for the year ended 30 June 2010. Audited profit attributable to the shareholders of the Company for the year ended 30 June 2010 was approximately RMB 585.5 million.

The improvement in the financial performance of the Group is mainly attributable to the following factors:

(i) the 16.0% increase in orange production for the year ended 30 June 2011 as stated in the Company's announcement dated 13 June 2011;

(ii) the increase in average selling price of winter oranges and summer oranges of approximately 9% and 10% respectively year on year as stated in the Company's announcements dated 8 November 2010 and 8 March 2011 respectively;

(iii) the results of BPG Food and Beverage Limited ("BPG") for the seven months ended 30 June 2011 which are consolidated into the Group's results following completion of the acquisition of 92.94% equity interest of BPG on 30 November 2010; and

(iv) the net gain on change in fair value of biological assets as a result of the higher selling price of oranges achieved by the Group, the transfer of approximately 450,000 infant trees to orange trees and the increasing maturity of orange trees in the Xinfeng Plantation. The net gain on change in fair value of biological assets does not have any effect on the cash flow of the Group for the year ended 30 June 2011.

The information contained in this announcement is based only on the preliminary assessment of the unaudited management accounts of the Group for the year ended 30 June 2011 and the information currently available to the Board. The audit now being conducted by the auditors of the Company on the management accounts has not yet been completed and the management accounts may still be subject to adjustments. The annual results of the Group for the year ended 30 June 2011 are expected to be released in September 2011.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company

For further enquires:

 
 Asian Citrus 
 Eric Sung, Finance Director                  +852 2559 0323 
 
 Seymour Pierce Limited 
 Nandita Sahgal, Jonathan Wright (NOMAD)      020 7101 8000 
 Leti McManus, Richard Redmayne, (Broking) 
 Weber Shandwick Financial                    020 7067 0700 
 Nick Oborne, Stephanie Badjonat, 
  John Moriarty

This information is provided by RNS

The company news service from the London Stock Exchange

END

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