Dongfang to reap benefits of largest harvest to date

Leading Chinese citrus producer Dongfang Modern Agriculture Holding Group (ASX:DFM) announced that it is having the best citrus and camellia harvest to date.

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The company expects to harvest approximately 20,000 tonnes of oranges this season – a 17% increase from the previous year – with unit prices anticipated to improve to $3,89 (a 14% increase on last year).

Additionally, Dongfang expects to harvest some 54,000 tonnes of pomelos this season, roughly the same as last year. Unit prices are projected to be around $2.86, which represents a 6% increase on the previous season.

Dongfang said the tangerines harvest is expected to increase 35% year on year to around 142,000 tonnes, and account for approximately 60% of total revenue for FY16.

The camellia harvest is expected to be around 23,000 tonnes, down 4.5% on the previous season.

“This season we expect to deliver almost 240,000 tonnes of fruits and camellia products, an increase of 20% on last year, and exceeding prospectus forecasts by 6%,” said the Company’s executive Chairman Hongwei Cai.

“With the expectation of another record harvest this season, we are nearing our immediate goal of becoming the leading citrus harvester operating within the world’s largest agribusiness market, China. We look forward to reporting on total sales and announcing the company’s maiden dividend in the forthcoming months ahead.”

The company, which was founded in 2008, controls plantations spanning over 8600 hectares located within China’s premier fruit growing regions. In 2014, DFM sold more than 200,000 tonnes of fruit and camellia products, generating revenue of A$133 million.

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