Shares in Asia’s largest citrus producer have fallen to their lowest close in more than two years after the group pared back profit growth estimates on the back of wet weather and lower fruit prices.
Asia Citrus Holdings has reported that a 3 – 4 per cent increase in citrus prices over the winter months had not carried over into summer and a short-term oversupply had caused wholesale prices to fall by 1.9 per cent on the previous year.
Wet weather has also increased the cost of inputs with rain leaching fertilizer from the soil and moist conditions necessitating the use of pesticides to control an increase of insects and pathogens.
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