Dongfang Modern Agriculture reports $3.1M loss

Company News

by David Chau

A Chinese agricultural company, which listed on the ASX last October, has posted its half year results ending 30 June 2016.

The Dongfang Modern Agriculture Holding Group Ltd (ASX:DFM), which is in the business of supplying tangerines, navel oranges, and pomelos, reported its net loss after tax was $3.1 million. This was $2.2 million higher than the previous corresponding period.

The company says this was primarily due to its dividend withholding tax payment of $2 million, associated with the 31 December 2015 year-end final dividend.

Despite that, the company expects the upcoming harvest output to exceed its previous year’s record of 240,000 tonnes.

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