Asian Citrus Holdings Limited Trading Update

Asian Citrus Holdings Limited 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:

  1. 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;
  2. 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
  3. 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.

No Comments

Post a Comment