Asian Citrus Holding warns over full-year losses

9th Sep 2015 09:45

(ShareCast News) - Asian Citrus Holding warned that its full-year turnover for 2015 will be lower and the core net loss will be significantly higher than last year's figures.The orange plantation operator said the outturn reflects the impact of previously announced events and trading updates.The company said turnover for the half year was reported as down by around 21.9% on the comparable period and the outturn for the full year will reflect a similar performance. The core net loss for the full year is expected to be more than double the RMB193m that was reported for the first six months of the year, it said.Citrus said the deterioration in the second half performance reflected the significant impact of the Huanglongbing disease infection at the group's Xinfeng plantation, announced on 15 April and 7 May, and the damage sustained from Typhoon Rammasun and Typhoon Seagull.The company said the typhoons affected both production yield and the selling price of the orange harvests, with the average selling price of the group's winter and summer oranges crop for full-year 2015 around 15.2% lower than 2014.At 0954 BST, Asian Citrus shares were down 9.1% at 8.75p.