Published: 21 February 2005
Evergreen Forests Ltd cut its December half-year loss from $13.2 million to $8.3 million on revenue down 21.2% to $15 million and after forest writedowns of $14.6 million ($9.8 million after tax).
The struggling forester made a $12.4 million pretax loss (down from $19.6 million), but clawed back $4.1 million ($6.5 million) in tax.
Earnings/share improved from a negative 8.6c to a negative 5.4c.Chairman Peter Wilson said the company had had no relief from the impacts of strong currency & high shipping costs. He said Forsyth Barr Investment Banking’s review of Evergreen’s asset sale & recapitalisation was progressing well.