Plum Creek Timber Co has revealed fourth-quarter earnings of US$118m, up by US$49m year-on-year.
This was based on revenues of US$504m, which rose from US$379m in the fourth quarter of 2006. It included an after-tax gain of US$43m from the sale of 100,000 acres of timberlands in Wisconsin for US$70m.
However, Plum Creek’s earnings for the whole year fell to US$282m on revenues of US$1.68bn, compared to US$317m on revenues of US$1.63bn during 2006.
“We’re pleased with the performance during the fourth quarter,” said president and chief executive officer Rick Holley.
“During the past year, our focus on long-term value led us to make operating decisions that temporarily reduced the financial contribution of our timber operations. We took this action because these assets will continue to grow, and we are confident they will produce better returns for our shareholders in the future.”
