Asian Citrus Holding squeezed in orange output

Asian Citrus Holding shares were down three per cent after the orange plantation operator projected rotten half year results.

Asian Citrus Holding shares were down three per cent after the orange plantation operator projected rotten half year results.

The company expects to record a decrease in core net profit for the six months to December 31st, following a squeeze on winter orange production, according to a trading update Tuesday.

The group was hit by a 26.9% decrease of output from its Hepu plantation in Guangxi, an autonomous region of southern China, during the period.

Poor weather conditions and heavy rainfall in 2012 meant the company consumed a higher volume of fertilisers.

Results were also impacted by high labour costs following general wage inflation in the People's Republic of China.

The firm's tropical fruit juice business Beihai Perfuming Garden Juice Company, was slammed by lower average selling price of its pineapple juice concentrates as a result of the destocking by Thai and Philippine producers.

Asian Citrus said it was "too early in the financial year" to judge its full-year performance but it will reflect the price achieved for the group's summer orange crop, the selling price of pineapple juice concentrates and the impact of weather on the volume of fertilisers and pesticides used by the group.

The group cultivates and sells Navel, Hamlin, Pineapple and Hong Jiang and Valencia oranges to supermarket chains, corporate customers, wholesalers and sole proprietors in China.

RD

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023