Australia’s largest hardwood exporter, Gunns Ltd , said today the outlook for timber and woodchip sales was good and that it expected to meet its March 2001 prospectus forecast earnings before interest and tax (EBIT) of $101.5 million.
Tasmanian-based Gunns, which earns most of its revenue from hardware and building supplies, today booked a net profit of $17.96 million for the first half, up 214 percent on the previous period’s $5.71 million.
The company said its substantial profit increase for the first half came after a full-year constribution from its recently acquired North Forest Products and Boral forestry operations in Tasmania.
“The outlook for timber and woodchip sales in the second half is positive, with volumes expected to improved on the first half result,” Gunns said in a statement.
Source: AAP