Asian Citrus Holdings Limited provided consolidated earnings guidance for the year ended 30 June 2023. The company announced that based on the preliminary review of the unaudited consolidated management accounts of the group for the year ended 30 June 2023, it is expected that the group will record a loss of not more than RMB 60.0 million for the year ended 30 June 2023 as compared to the net loss of approximately RMB 20.7 million for the year ended 30 June 2022. The group recorded a decrease in revenue of approximately RMB 33.6 million to approximately RMB 110.0 million for the year ended 30 June 2023, which was offset by the decrease in cost of inventories from approximately RMB 126.6 million for the year ended 30 June 2022 to approximately RMB 103.6 million for the year ended 30 June 2023.

The increase in net loss for the year ended 30 June 2023 as compared to the year ended 30 June 2022 is mainly attributable to an impairment loss of approximately RMB 32.4 million on property, plant and equipment, particularly the bearer plants of the plantation business of the Group, recorded for the year ended 30 June 2023.