Tenon takes big hit on earnings

Wood products company Tenon has reported an 81 per cent fall in first-half operating profit partly because of a high dollar and difficult trading conditions in one of its North American operations.

Tenon, which has moved from timber growing and processing into a specialist wood products maker, posted earnings before interest, tax, depreciation and amortisation of $5.9 million in the six months to December 31.

The net profit after tax for the period was $2.4 million compared with $12.5 million in the previous year.

Tenon said it expected an operating profit of around $21 million for its full year to June 30.