Asian Citrus
The Company's principal activity is to act as holding company in respect of the Group which is primarily engaged in the research and development plantation and sales of citrus produce in China.
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Asian Citrus surges on on Hong Kong listing plan
Asian Citrus, China's largest orange producer and largest orange plantation owner, announced that it would be applying to list the company on the main board of the Hong Kong Stock Exchange.
"The Company's board of directors is satisfied that the listing is in the best interests of the shareholders," the company stated.
Asian Citrus has two operational plantations in the Hepu county of the Guangxi Zhuang Autonomous Region and the Xinfeng county of the Jiangxi province of China.
Shares in Asian Citrus jumped 10 percent on the statement.
Interim results for the six months ended 31 December 2008, released in March, reported revenues from the sales of oranges up 51.5 percent to RMB274.6m, achieved by an increase of 36.3 percent in production and a 11.2 percent increase in average selling price. Profit before tax (ex-biological gain) increased by 45.1 percent to RMB 63.4m. Excluding the one-off tax credit in last year, net profit would have been up 23.6 percent.
Asian Citrus also confirmed in March that "basic infrastructure" had commenced and a new nursery was under development at Hunan. However, as part of a wider review of operations, the investment period at Hunan was increased to 5 years from 3. The orange plantation operator also stated that it would be delaying Phase II expansion of its Xinfeng wholesale market and processing centre in light of the slowing Chinese economy.
Other Asian Citrus news
- Asian Citrus to list on Hong Kong Stock Exchange on 26 November
2009-11-13 - Asian Citrus submits application to Hong Kong Stock Exchange
2009-10-09
