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Evergreen Forests profit up 33 percent on rising exports


Friday 23rd August 2002

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Plantation forest investor Evergreen Forests saw a 33 percent rise in annual net profit to $6.75 million, as export volumes and prices rose.

Revenue for the year ended June fell to $21.76 million, from $33.10 million, while the harvest volume rose to 211,204 tonnes from 171,620 tonnes in 2001.

Chief executive Mark Bogle said in a statement today that the company had harvested more of its lower value stands than expected, and less of its pruned stands, as a result of a fall in pruned log prices.

Trading conditions in Asia were favourable, with higher export volumes, improved pricing and the emergence of China as a future market for New Zealand plantation grown products, Mr Bogle said.

United States prices remained firm.

Evergreen's forest estate was valued by Jaakko Poyry Consulting at $162.4 million as at June 30, up from $157.4 million.

The company has cancelled 678,470 shares under a share buyback scheme. It will not pay a dividend.

Evergreen has cutting rights over 21,000ha planted in radiata pine, principally in Northland, South Auckland, the North Island's East Coast, and the West Coast of the South Island.

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