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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.

ends.

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