By NZPA
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Friday 14th June 2002 |
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Sales revenue fell to $507,000 from $6.7 million as the company ceased harvesting logs due to low log prices. The company said there would be no dividend for the period.
The loss per share was 0.398 cents compared with 5.499 a year ago.
Harvesting of unpruned stands ceased at the end of March last year although contractual obligations and tidying up operations meant that some harvesting continued on into April and May last year.
Nuhaka said harvesting ceased because log prices had dropped to a point where there were no markets providing an adequate return.
"We are pleased to report that the market for logs has picked up and prices have firmed from their previous lows. As a result the fund recommenced harvesting in March of this year," the company said. Barring disruption to log markets, it expects harvesting to continue in the foreseeable future.
The fund also recommenced roadlining activities in February so as to maintain the preparation of roading ahead of harvest operations.
The revenue for the year comprised only two months harvesting and roadlining income.
In July, the company paid out dividends worth $620,546 and has now got a $350,000 overdraft, which it says is more tax efficient. No dividend would be paid until the overdraft was cleared.
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