The sale of its tissue business helped Carter Holt Harvey boost net earnings for the nine months to September 30 to NZ$409m, from NZ$162m for the same period last year.
Net sales were similar to the same period in 2003, when adjusted for the divested tissue business.
Operating earnings before interest and tax from the continuing businesses were slightly down on last year, largely because of the NZ$16m charges associated with the company’s pension fund.
CHH is now investigating the sale of 327,000ha of “non-strategic” forests and extending its wood processing operations with a new “world-scale” sawmill.
Announcing the proposed developments, chief executive Peter Springford said the forests decision was part of a strategy focused on improving shareholder returns and achieving long-term growth.
The company has also continued its focus on productivity improvement, largely offsetting the impact of the strong New Zealand dollar.
