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China: Asian Citrus revenue falls

Time: 2013-07-22 00:00   Source: IFE China   Clicks:

Revenue fell 14.5 per cent to RMB 892.0m (94.4m pounds) in the six months ended December 31st at AIM-listed Asian Citrus.

The company, which owns orange plantations in China, reported that total production was down 6.0% to 161,233 tonnes, primarily reflecting a planned replanting programme to increase yields.

Core net profits were down 22.7% to RMB 249.5m reflecting higher direct production costs as a result of unstable weather conditions in 2012 and general wage inflation in the People's Republic of China (PRC).

The company also reported strong free cash flow of RMB144.9m and cash and cash equivalents of RMB 2.4bn as of December 31st 2012.

Some 129,000 summer orange trees were planted during the current period and another 600,000 summer orange trees are scheduled to be planted before December 2013.

Tony Tong, the Chairman of Asian Citrus, commented: "Our performance during the six month period was disappointing, primarily due to the higher costs incurred as a result of unstable weather in 2012 and general wage inflation in the PRC.

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