Plum Creek Timber Co has reported better than expected second quarter earnings of US$32m.
The results, from revenues of US$272m, were buoyed by a US23m gain from the sale of 59,000 acres of Wisconsin timberland.
The figures compare with earnings of US$31m on revenues of US$376m in the second quarter of 2008.
President and chief executive Rick Holley said the results were better than expected, although market conditions remained difficult.
“Our bottom line reflects some benefit from downsizing our manufacturing operations and slightly better sales activity for higher and better use of rural lands,” he said.
He added that, in response to low log prices, harvesting had been adjusted to preserve the most valuable sawlogs, and the sale of the Wisconsin timberland had enabled the company to reduce its debt.
