China-based orange supplier Asian Citrus Holdings has reported annual losses of CNY1.84bn (US$300.3m), after a year when disease and weather hit the business.
The London and Hong Kong-listed group booked the loss attributable to shareholders for the year to the end of June. It compared to a profit of CNY114.4m the year before.
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Revenues dropped 14.5% to CNY1.27bn. Production yields declined 9.7% thanks to the lasting impact of the citrus canker disease, frosts in Hepu earlier this year and inclement weather in Xinfeng. ACHL also booked the impact of damage caused by Typhoon Rammasun, which swept across southern China in July.
ACHL reported an adjusted net loss of CNY51.8m, versus a profit of CNY399.6m in the previous year. The company also booked adjusted EBITDA of CNY79.2m, against CNY496.5m in 2012/13. The adjusted figures excluded change in the carrying value of goodwill, change in fair value of biological assets and share-based payments.
“Post the financial year-end, Typhoon Rammasun destroyed all banana trees planted in 2013, damaged certain farmland infrastructure and equipment and caused a significant volume of pre-mature fruit drop from existing oranges trees in Hepu Plantation and the temporary suspension of activities at two of BPG’s plants. Approximately 220,000 banana trees are being replanted, following clearance of the damage caused by the Typhoon, with an expected harvest by the end of 2015. However, it will take a number of years for Hepu Plantation and harvests to fully recover,” CEO Ng Ong Nee said.
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“We nevertheless remain confident that the group’s performance will improve under our strong management team’s leadership.”
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