Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Evergreen Lifts Half Year Profit To $2.1 Million

Evergreen Forests Limited has reported a lift in sales and an operating profit of $2.107m for the six months ended 31 December 1999. The profit for the corresponding period a year before was $0.890m.

Evergreen’s Chief Executive Mr Mark Bogle said export log prices are improving and the company should achieve continued profit growth. “Evergreen is well placed to take advantage of improvements in key Asian markets as they arise,” he said.

“Evergreen has made significant progress in terms of its growth strategy over the past six months. Late last year we purchased 3,200 hectares near Gisborne from Carter Holt. The age class profile and location of these forests nicely complement our existing holdings.”

Sales for the period were 152 percent higher at $5.836m, while shareholders’ equity increased to $101.388m.

In a separate development, Evergreen announced that it is investing in a forestry marketing subsidiary, Forestry New Zealand Limited.

“This will allow Evergreen to access new customers, broaden the range of markets we supply and strengthen our existing customer relationships. It will also provide us with supplementary income from log trading activities, and brings additional log marketing expertise to the company. This is a logical progression for Evergreen as we move into a sustained period of increased harvest activity,” Mr Bogle said.

“The intention is both to maximise the value recovered from our existing estate and to create a secondary income stream trading third-party resource,” he added.

Evergreen also announced the appointment of Mr Peter Berg and Mr Peter Hill as joint managing directors of Forestry New Zealand. Both will become shareholders in the new company.

“They bring a wealth of industry experience and marketing expertise to the venture,” Mr Bogle said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>