US timber company Rayonier says it performed well in 2008 despite challenging market conditions.
The company reported full year net profits of US$152m, down from US$172m in 2007.
Rayonier, which owns, leases or manages 2.6 million acres of timber and land in the US and New Zealand, said its timber division’s net profits more than halved to US$31m, with sales dipping by US$19m to US$190m.
The western region’s results were down due to lower prices resulting from the weak housing market and an oversupply of salvaged timber from December storms, while the eastern region fared better because of higher volumes and a shift from sawn timber to pulpwood.
Lee Thomas, chairman, president and CEO, said 2009 results would be below 2008.
