Strong sales of standing timber and imported wood products helped the Canadian-owned Sino-Forest Corp to boost second quarter profits by 74%.
The China-based plantation operator posted earnings of US$25m for the three months to June 30, up from US$14.4m in the same period a year before. Revenue was up 20% to US$128.8m.
Chief executive officer Allen Chan said: “Despite our normally slower season in the first and second quarters of the year, we are very pleased with the strong finan-cial results, given the fact that the earn-ings per share was diluted because of recent financings.”
Standing timber business was up from US$46.3m to US$70.5m and imported wood products rose 50% to US$48m. Revenue from wood chips and logs was down 95% to US$1m because of a lack of a third party processing partner.
