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Asian Citrus expects interim profits have doubled

Last updated: 12:25 27 Jan 2011 GMT, First published: 13:25 27 Jan 2011 GMT

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Asian Citrus Holdings (LON:ACHL) shares advanced more than 8 percent as it told investors that first half profits are expected to be more than double those reported last year.

The company said the strong performance benefitted from a number of factors, including a 25.5 percent increase in winter orange crop yield and a 9 percent increase in year-on-year prices.

Additionally the results will also get a boost from a month of revenues from the recently acquired BPG Food and Beverage - ACHL owns a 92.94 percent stake – and a net gain to fair value in relation to 400,000 infant trees as well as increasing maturity in the Xinfeng Plantation.  

The interim results for the six months ended 31 December 2010 are expected in February.

By 13:00 on London’s AIM market ACHL shares had gained 6.25 pence, or 8.3 percent, and they were changing hands at 81.5 pence per share.

 

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