Tropical timber specialist Rougier has recorded a €12.7m net loss during the first half of 2009.
The France-based company, which has extensive operations in Africa, saw revenue fall 30.2% to €61m during the period
Its French import-distribution business posted €18.9m sales, down by nearly 30% on a year ago, while the main Africa and International trade division generated €47.1m sales, 28.4% lower.
Rougier said low global demand had led to a long period of destocking and strong pressure on commercial margins, resulting in industrial and forest activities being voluntarily scaled back and shut down.
Costs not absorbed from plant shutdowns and provisions on inventories totalled €7.5m, while writedowns for impairments on certain assets in Cameroon and Congo hit the company for €4.4m.
However, Rougier said markets were stabilising and the two sites previously shut down would be reopened during the fourth quarter.
