Asian Citrus Holdings Limited Reports Production Results for the Year Ended June 30, 2016; Provides Earnings Guidance for the Second Half and Full Year of Fiscal Year Ended June 30, 2016
The company provided earnings guidance for the second half ended June 30, 2016. The core net loss for the second half year is expected to slightly improve compared to the core net loss of approximately RMB 522 million for the first half year. The closure of Xinfeng Plantation in December 2015 reduced the margin impact of decreasing production yield and increasing costs resulting from the widespread of Huanglongbing disease suffered at the plantation in the first half year. The full year result for FY2016 is anticipated to be significant worse off than that in FY2015 as reflected in previously announced factors impacting the Groups financial performance.
The company expects that groups turnover for FY2016 will be lower and the core net loss for FY2016 will be significantly higher than the comparative figures for FY2015.