Chinese plantation operator Sino-Forest has reported a 21% increase in sales to US$136m for the first quarter.
Net income grew 26% to US$15m, with Sino-Forest chairman and CEO Allen Chan declaring his satisfaction at the results. “We are well positioned to deliver strong full year results,” he added.
“As in the past years, our first quarter operating activities tend to be slower due to the week-long Chinese Lunar New Year holiday. In addition, the worst snowstorm in 50 years swept across China in January.”
Revenue from manufacturing and other operations grew 63% to US$9m, mainly due to higher sales of engineered wood flooring products and new sales from processing facilities in Hunan province.
