Opio posts profit turnaround

Dunedin City Council-controlled forest owner Opio Forestry Fund today posted a 200 per cent turnaround in its first half profit.

Opio recorded a $405,000 net after tax profit for the six months to September 30 from a $349,000 loss a year earlier.

Total operating revenue rose 7.8 per cent to $111,000.

Dunedin's City Forests -- a trading company owned by the Dunedin City Council -- became the majority shareholder in Opio in October last year when it secured just over 8 million units, about 53.8 per cent of the fund for 85c per unit.

Opio units last traded at 85c on November 7.

- NZPA