Oranges

Asian Citrus Holdings has announced a reduction in turnover and core net profit over the six months to 31 December 2014, compared to the corresponding period of 2013.

The result is based on a preliminary assessment of unaudited financial information from the period and mirrors the forecast outlined in the group’s winter orange crop statement, released on 7 November2014.

The Chinese-based company revealed its total production yield of winter oranges decreased by 25 per cent from 147,927 tonnes in 2013 to 110,993 tonnes in 2014.

It followed a significant downturn in winter production at Asian Citrus Holdings’ Hepu Plantation, which was battered by Typhoon Rammasun in July and Typhoon Seagull in September. The group estimates the winter crop volume at Hepu fell by over 70 per cent to 7,146 tonnes compared to the same six-month period of 2013.

The winter orange crop yield out of the company’s Xinfeng planation was around 103,800 tonnes, well below the 113,600 tonnes forecast in the winter orange crop statement. Asian Citrus Holdings cited high temperatures and drought in the Xinfeng area between September and December 2014 as a key driver behind the shortfall. Production fell 15.7 per cent in comparison to 123,228 tonnesproduced in 2013.