Wood processor Tenon triples profit on US housing recovery, says strategic review on-going

Tue, 16 Feb 2016

By Fiona Rotherham Feb. 16 (BusinessDesk) - Tenon, the Taupo-based wood processing, marketing and distribution company, has tripled first-half net profit mainly due to an improving US economy driving a recovery in the American housing market. Net profit was US$6 million for the six months ended Dec. 31, compared to US$2 million in the previous corresponding period, the NZX-listed company said in a statement. Tenon, which sells most of its wood mouldings in the US, was formerly known as Fletcher Forests when spun out of the old Fletcher...

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