Nuhaka announces first payout

Although NUH made a bottom-line loss of $1.016 million compared with a profit last year of $860,000, the result includes a $2.17 million write-down in forest value as a result of harvesting and minor log price changes.

The fund's harvesting activities produced revenue of $3.15 million which, after logging costs and other expenses, resulted in net revenue of $1.16 million.

Perpetual Trust general manager, Stephen Eaton says the distribution would, after repayment of the bank debt, be $355,000.

Mr Eaton says Nuhaka is one of the first special purpose forestry funds in New Zealand to come to maturity and begin distributions. He says it is currently benefiting from a further increase in production, a weak New Zealand dollar, and the ability to provide logs to diversified markets both domestic and export.

However weather has had an impact on production during the half-year period, with an unseasonably wet winter curbing production to 45,000 tonnes rather than the planned 51,300 tonnes. In addition, gale force winds in Gisborne and Wairoa at the end of September resulted in some minor windthrow damage.

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