The Canadian company anticipates continued revenue growth as it accelerates the harvesting of its standing timber. For the nine month period to September 30, Cathay reported revenues of C$820,000 compared with C$13,000 in 2005.
“We are very pleased with the quarter’s financial results,” said Anthony Ng, Cathay’s president and CEO. “We have been able to operate in an effective and cost-efficient manner as we aggressively pursue our objectives.”
The company recently received contract orders for the harvesting of C$1.5m worth of standing timber located at its properties in southern China. The harvesting began during the quarter and is scheduled to be completed in early 2007.
