Evergreen up in 'difficult year'

Plantation forestry investment company Evergreen Forests posted a net profit of $5.04 million for the year to June, down slightly on the previous year's $5.15 million.

Earnings per share dropped to 3.8cps from 3.9cps last year.

The company's independently assessed year-end forest value increased to $157.4 million from $148.6 million last year.

Chief executive Mark Bogle said the profit and valuation increase were a very satisfactory result in what had been a difficult year for the forestry industry.

Evergreen's operating profit for the year increased by 4 per cent to $6.51 million on a harvest volume of 163,039 cu m , up from 141,458cu m.

The net profit included a $1.47 million write down in the company's investment in the Nuhaka Forestry Fund.

In June, Evergreen said it would raise $A4.88 million ($NZ5.96 million) through 9.3 million shares issued to Danish investors.

Net asset value per share was 85c at year end, compared with 86c last year.

Evergreen, which is listed on the New Zealand and Australian Stock Exchanges, has forest properties in Northland, South Auckland, the North Island East Coast, and the West Coast.

- NZPA