Evergreen profit grows but outlook flat

For the six months to the end of December Evergreen made $3.5 million, up 68% on the previous year's $2.1 million.

CEO, Mark Bogle says the past 12 months has been challenging for log exporters but his company's pure play structure has helped it to target markets that give the best returns, offsetting some of the price volatility in international markets.

"After a positive start, with international markets continuing to recover from the Asian slump, and exchange rates running in New Zealand's favour, prices stabilised mid year but have since softened."

"Longer term, the company is in a good position to maintain profit growth."

Mr Bogle says harvest levels have increased over the past year and will continue to grow as a larger proportion of the company's forest holding reaches maturity.

He says the company is also planning for further growth with associated economies of scale.

Sales for the six-month period rose to $17.1 million from $5.8 million previously. No dividend has been declared.

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