Plum Creek Timber Company has reported a 21% growth in second quarter profits to US$69m on the back of strong timber demand nationwide.
Its sales were also up slightly to US$358m from US$341m in the second quarter of 2004, with timber sales benefiting from a 24% increase in southern harvest volumes and an 8% rise in northern harvests. Earnings for the first six months of 2005 totalled US$191m off sales of US$758m.
Meanwhile, Rayonier posted a 61% fall in profits to US$16.9m, compared with US$43.8m a year ago. The results included a write-down of US$24.1m.
Chairman, president and CEO Lee Nutter said income from continuing operations was above the first quarter, as pricing and demand remained strong across all businesses, particularly lumber and performance fibres.
West Fraser Timber‘s profits were impacted by the acquisition of Weldwood of Canada Ltd last year. Quarterly profits were C$38m, down from C$67m a year ago.
The company’s lumber division recorded profits of C$108m, while the panels business earned C$17m.
Louisiana-Pacific Corporation recorded net earnings of US$100m, a reduction from US$192m a year ago. Sales also dipped to US$692m from US$790m in 2004.
The company said OSB prices declined 27% from a year ago, leading to an almost US$150m decline in quarterly sales and operating profits.
