Trading Statement (8095V)
January 19 2012 - 3:15AM
UK Regulatory
TIDMACHL
RNS Number : 8095V
Asian Citrus Holdings Ltd
19 January 2012
19 January 2012
Asian Citrus Holdings Limited
("Asian Citrus" or the "Company")
Trading Update
The Board of Asian Citrus wishes to inform shareholders and
potential investors that, based on the preliminary assessment of
the unaudited management accounts of the Groupfor the six months
ended 31 December 2011, the Group is anticipated to record
significant increases in its turnover, cash generated from
operations and core net profit before net gains on change in fair
value of biological assets and share based payments.
The improvement in the Group's turnover, cash generated from
operations and core net profit before net gains on change in fair
value of biological assets and share based payments is mainly
attributable tothe following factors:
(i) the 19.4% increase in winter orange production for the six
months ended 31 December 2011 as stated in the Company's
announcement dated 9 January 2012;
(ii) the increase in average selling price of winter oranges of
approximately 3-4% in 2011 as compared to the average selling price
of winter oranges in 2010 as stated in the Company's announcements
dated 3 November 2011; and
(iii) the six months results of BPG Food and Beverage Limited
("BPG") which are consolidated into the Group's results for the six
months ended 31 December 2011compared to one month results of BPG
being consolidated into the Group's results for the six months
ended 31 December 2010.
As all the orange trees in the Xinfeng Plantation became fruit
bearing in the previous period and there was no transfer of infant
trees to orange trees during the six months ended 31 December 2011,
the net gain on the change in fair value of biological assets is
anticipated to be substantially lower than the amount in the
comparable period last year. The Group's profit after net gains on
change in fair value of biological assets and share based payments
for the six months ended 31 December 2011 is therefore expected to
be lower than the Group's profit after net gains on change in fair
value of biological assets and share based payments for the six
months ended 31 December 2010. As shareholders are aware, the net
gain on change in fair value of biological assets does not have any
effect on the cash flow of the Group.
The information contained in this announcement is based only on
the preliminary assessment of the unaudited management accounts of
the Group for the six months ended 31 December 2011 and the
information currently available to the Board. The review 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 interim results of the Group for the
six months ended 31 December 2011 are expected to be released in
February 2012.
For further information contact:
Asian Citrus
Eric Sung, Finance Director +852 2559 0323
Seymour Pierce Limited
Nandita Sahgal, Jonathan Wright (NOMAD) 020 7101 8000
Richard Redmayne, (Broking)
Jacquie Briscoe
Weber Shandwick Financial
Nick Oborne/John Moriarty/Stephanie
Badjonat 0207 067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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