China: Record citrus harvest for Dongfang

December 02 , 2015

China's second-largest citrus harvester Dongfang Modern Agriculture (ASX: DFM) expects total tonnages this year will exceed prospectus forecasts.

In a release, the Australian Stock Exchange-listed company said the tangerine harvest was set to be up 35% year-on-year at 142,000 metric tons (MT), exceeding prospectus expectations by 10%.mandarins_66808060 _ small

Representing the majority of Dongfang's revenue, finalized tangerine prices are also set to be up 4% year-on-year and 1% higher than slated in the initial public offering (IPO).

Oranges and pomelos account for 26% of forecast revenue, and the group said it would have figures for these fruits soon.

"We are pleased with how the current harvest season is progressing, and look forward to strong sales as a result," executive chairman Hongwei Chai said in the release.

"We anticipate our biggest harvest ever, with output set to increase to approximately 230,000 tonnes this year on the back of additional and maturing plantations. This will also contribute to higher productivity, better yields and ultimately, increased value for shareholders."

DFM controls 19 plantations covering some 9000 hectares inthe Jianxi Province, and is China's second-largest citrus harvester.

Full year financial results will be released in February, 2016.

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