Sumitomo Forestry's NZ unit posts record annual profit after buying Hancock forests

Wed, 16 May 2018

By Tina Morrison May 16 (BusinessDesk) - Sumitomo Forestry NZ, the local unit of the Japanese timber conglomerate, posted a record profit last year after buying the timber plantations of US forestry investor Hancock in 2016 to secure more supply for its wood processing plant. The timber company posted a profit of $48.9 million in the year ended Dec. 31, 2017, from a loss of $18.4 million a year earlier when its earnings were hurt by a $62 million reduction in the value of its plantations, according to its latest financial accounts. Sumito...

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