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

 


Carter Holt Harvey reviews end of year forecast

Date: 12 September 2005

Carter Holt Harvey reviews end of year forecast

Carter Holt Harvey Limited

The directors of Carter Holt Harvey Limited advise that following a review of the Company’s 2005 forecast, the price recovery in some of the Company’s key products that had been expected in the third quarter has not materialised. Prices for Bleached Kraft Pulp are US$480 per tonne, Kraft Linerboard prices are currently at US$425 per tonne, and average Australian timber realisations are approximately AU$350 per cubic metre. These prices are at low points for the year.

The impact of a continuation of prices and foreign exchange rates at or around current levels for the rest of the year implies that earnings may be down by approximately NZ$25-30 million versus the Company’s previous forecast of NZ$283 million. In addition, following the closing of the announced forest sale, approximately NZ$5 million of earnings will be lost in the fourth quarter.

The Company is working urgently on additional plans to mitigate the impact of these adverse price movements.

The current market dynamics have proven difficult to predict and because of this uncertainty and the takeover process, the directors have decided that it is important to keep the market fully informed.

ENDS

Carter Holt Harvey (www.chh.com) is Australasia’s leading forest products company, with significant interests in wood products, pulp, paper and packaging, supported by forests. Carter Holt Harvey is listed on both the NZX and ASX, and employs approximately 10,500 people across New Zealand, Australia and Asia. The company's head office is in Auckland, New Zealand.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news