Evergreen attracts second bidder for its forests despite $18m loss

Evergreen Forests yesterday posted a net loss after tax of $18 million for the year to June 30.

It also said it had received a $112 million back-up offer from New Zealand Superannuation Fund for its forests.

The new offer rivals a bid of $104 million from James Fielding Funds Management for Evergreen's North Island forests, which make up 90 per cent of Evergreen's assets.

The Fielding bid is awaiting approval from Evergreen's shareholders.

Evergreen put its assets up for sale in March.

The net result for the year, down on last year's loss of $12 million, was achieved on revenue of $32.8 million, down from $40.25 million.

- NZPA