Consolidated earnings for the three months ending 31 March were down $13m on the same period last year. The company said this was a result of a tax expense advised at the end of the last quarter. Earnings before tax were up $3m.
Chief executive officer, Peter Springford called the earnings a “solid result… underpinned by excellent performances at a number of the company’s businesses”.
He says, “Over the last quarter our Kinleith Mill achieved its best ever pulp and paper production volumes, translating into record volumes for paper sales. Our laminated veneer lumber business also recorded its best ever sales volumes in New Zealand and international markets. In Australia our Radius and Woodlogic businesses achieved record product delivery performance during the quarter, demonstrating our focus on operational efficiency and achieving supply chain excellence”.
According to Springford, “Despite the challenges of adverse foreign exchange rates and rising freight costs, these results show the benefit of the company’s ongoing focus on improving operating performance and reducing costs.”
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