The company now has 352,000ha of standing timber and last year generated 10 million m3 of fibre, up 25% on 2005.
Chief executive Allen Chan said: “We seized opportunities to enter new markets by acquiring access to significant volumes of fibre. With our experience in China’s vast evolving market, we managed to deliver record earnings to shareholders.”
Revenue last year was up 31% to US$645m, with the last three months showing a 47% increase over the same quarter a year before. Margins rose 2.5 points over the year to 27.7%. Net income was US$111m, up 36% from US$81.7m in 2005.
Wood fibre accounted for 96% of business, however, imported wood products and manufacturing both almost doubled revenues during the year.
A spokesman said: “The long-term prospects for Sino-Forest are exciting as demand in China continues to exceed supply, leading to escalation of wood product prices.”
