US-based Plum Creek Timber Co has reported increased net earnings of US$44m for the second quarter (2010: US$35m).
The company recorded revenues of US$284m for the period, compared to US$258m a year ago.
Net profits for the first half of 2011 totalled US$82m (2010: US$122m.). First half sales were down slightly to US$559m (2010: US$575m).
“Good results from our real estate segment offset weaker than anticipated results from our timber operations,” said Rick Holley, Plum Creek’s president and chief executive officer.
“Sawlog markets in the west and north-east remained attractive during the second quarter; however, sawlog markets in the south continued to be challenging due to extremely dry weather and weak domestic demand,” he said.
“During the second quarter, we reduced our sawlog harvest by about 100,000 tons from planned levels in the south. We will bring this volume to the market, at improved prices, in the future.”
