First-quarter profits at New Zealand-based Carter Holt Harvey Ltd fell by 25% after it was hit by NZ$25m tax and share plan charges.
The forestry company said net profits were NZ$38m for the three months ending March 31, down from NZ$51m a year earlier. It paid out NZ$16m tax and a NZ$9m charge for its executive share plan.
Sales rose 3% to NZ$943m, up from NZ$912m a year ago. Profits in the wood products division fell to NZ$11m from NZ$19m as higher resin costs affected panel sales, while timber and plywood business in Australia also suffered due to a deeper than expected drop in construction during Christmas.
The company has been closing mills after last year’s 25% rise in the NZ dollar against the US dollar reduced
