NZ stocks: Fletcher to reveal revised forest valuation

By PAUL PANCKHURST

Fletcher Challenge Forests will this week yank back the veil to reveal the new and lower book value of its main asset, the 106,000ha forest estate that is up for sale.

The company's unaudited result for the year to June 30 is due on Friday after a two-week delay that required a stock exchange waiver.

The figure in the spotlight will be the revised value of the company's forestry estate, now on the books at $1.2 billion.

The company said it had needed extra time to work on the valuation.

The new figure will be well down because of reduced log prices, higher shipping costs and the higher New Zealand dollar.

Fletcher Forests has flagged that operating earnings, before unrealised foreign exchange impacts, revaluations and unusual items, will be similar to last year's $58 million.

Elsewhere on the business agenda, Fonterra's new boss from Canada, Andrew Ferrier, will make his first public appearance when he faces farmers at the company's annual general meeting in Hawera on Wednesday.

The public offer for the $138 million to $165 million float of courier company Freightways closes on Friday.

The "bookbuild", where bids from sharebrokers and institutional investors set the price per share for the offer, runs from Wednesday to Friday.

That price will be announced one week from today.