Tenon experiences tough conditions

Tenon, the former Fletcher Challenge Forests, has reported operating earnings of US$4 million (NZ$5.4 million) in the six months to December 31, down from US$5 million in the same period last year.

Revenue of US$162 million was up from US$159 million last year.

The company said operating conditions were tougher than expected. It cited a strong exchange rate, declining moulding and better lumber prices, high domestic log prices and low demand as factors.

The company's secured debt facility expires in June 2012 and this year it will consider how to structure funding for future growth.

NZPA

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