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Evergreen boosts harvest - and profit

By Phil Boeyen, ShareChat Business News Editor

Saturday 26th August 2000

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Evergreen Forests has taken advantage of better New Zealand market conditions to increase its harvest and lift its profit for the year to $5.15 million.

Chief executive, Mark Bogle, says prices for unpruned sawlogs had improved during the year and that the weaker New Zealand dollar had been beneficial. As a result the company's harvest of 141,458 cubic metres was up considerably on last year's 82,337 cubic metres.

"Our decision to moderate harvesting during the worst of the Asian downtown was the correct one," he says.

Mr Bogle is also pushing the company's future earnings potential.

"Our earnings per share of 3.9c for the year represents a substantial result, but it is far less than the potential earnings in future years based upon our maturing forests. The company now has considerable reserves of harvestable timber and further improvement in earnings can be anticipated next year given stable market conditions."

This year's profit figure of $5.152 million compares with $3.091 million last year.

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