Canada-based Sino-Forest Corporation has recorded a net loss of US$22.1m for the first quarter (2010: US$15.9m net profit).
The company, which owns and manages forest plantations in China, reported total revenue of US$338.9m, a 35% increase compared to US$251m for the corresponding period of 2010.
Chairman and CEO Allen Chan said the company entered into long-term master agreements to acquire mature forest parcels of up to 200,000ha and 66,000ha of mature (25-50 years old) plantation trees in Shaanxi and Yunnan Provinces, respectively.
The company expects to acquire the fibre over a 10-year period at no more than US$49 per m³, and to lease the underlying plantation land for sustainable replanting at a price not to exceed US$80 per hectare per annum for 30 years.
