Kaingaroa Timberlands profit rescued by foreign exchange gain as log prices fall

Wed, 16 Dec 2015

By Sophie Boot Dec. 16 (BusinessDesk) - Kaingaroa Timberlands, the nation's biggest forestry business, posted a 37 percent gain in full-year profit as a foreign exchange gain more than made up for a drop in international log prices. Net profit rose to US$332.8 million in the year ended June 30, from US$243.7 million a year earlier, according to the company's financial statements. Profit included a US$281 million gain on foreign exchange movements, compared to a year-earlier charge of US$149.7 million. Revenue fell 22 percent to US$355.2 m...

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