The board of directors Asian Citrus Holdings Limited has announced the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 30 June 2020 together with its comparative figures for the year ended 30 June 2019.
On behalf of the Board, I am pleased to present the latest development, progress and annual results of the Group for the year ended 30 June 2020 to the shareholders of the Company.
The financial year of 2019/20 was a challenge for the Group. The world's economy was at a risk of global recession caused by increasing geopolitical tension, particularly trade disputes, between the People's Republic of China ("China" or the "PRC") and the United States of America, a global health crisis due to the COVID-19 pandemic and the unprecedented collapse in oil price. In the "Global Economic Prospects" issued by the World Bank Group in June 2020, GDP in China is expected to grow at a rate of 1.0% in 2020 which is significantly lower compared with previous years.
With the persevering effort of the Directors and senior management of the Company, significant progress had been made during the year ended 30 June 2020. With a view to resuming trading in the shares of the Company (the "Shares") as soon as possible, the Company has been demonstrating to The Stock Exchange of Hong Kong Limited ("HKEx") that it has a sufficient level of operations or assets of sufficient value to warrant the continued listing of the Shares in compliance with Rule 13.24 of the Rules Governing the Listing of Securities on the HKEx (the "Listing Rules").
For the Group's operations, a total revenue of RMB451.8 million was recorded for the year ended 30 June 2020, representing a significant increase of approximately 7.6 times as compared to the total revenue of RMB52.8 million for the year ended 30 June 2019.