Evergreen Forests Ltd’s recent decision to write-down the value of its forests has meant a net loss of NZ$13.1m for the six months ended December 2003.
Chairman Peter Wilson said rising shipping costs and the strong New Zealand dollar had created difficult trading conditions and impacted its forest values.
Harvest volumes of 115,279m3 were 28% lower than in the previous corresponding period. But increased production late last year is expected to lead to a higher harvest volume for the second six-month period.
Evergreen is looking to implement a strategy to rationalise costs and manage higher debt.
