Tenon experiences tough conditions
Tenon Ltd, the former Fletcher Challenge Forests, has reported operating earnings of $US4 million ($NZ5.4 million) in the six months to December 31, down from $US5 million in the same period last year.
Hot Topic
EARNINGS
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Tenon Ltd, the former Fletcher Challenge Forests, has reported operating earnings of $US4 million ($NZ5.4 million) in the six months to December 31, down from $US5 million in the same period last year.
Revenue of $US162m was up from $US159m last year.
The company said operating conditions were tougher than expected. It cited a strong exchange rate, declining moulding and better lumber prices, high domestic log prices and low demand as factors.
The company's secured debt facility expires in June 2012 and this year it will consider how to structure funding for future growth.
NZPA
Thu, 24 Feb 2011
Thu, 24 Feb 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Free News Alerts
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
Tenon experiences tough conditions
12613