euro adhoc: Precious Woods Holding AG, Zug
Quarterly or Semiannual Financial Statements
Precious Woods on track in first six months of 2002 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Precious Woods results were on track with budgets for the first half year. Gross revenue increased to 3,516 million USD in the first semester of 2002 from 3,275 million USD in the same period of the prior year. Gains arising from the increase in the value of plantations in Costa Rica amounting to 975 and 866 thousand USD respectively are included in these figures. The fist half year 2002 closed with a loss of 133 thousand USD compared to a profit of 133 thousand USD in the prior year. Precious Woods Pará is not included in the prior year results. For the full year Precious Woods expects a significant year over year increase in sales and profits. The favourable business developments are not adequately reflected in the half year financial statements as several large orders manufactured in the first semester will only be shipped and invoiced in the third quarter. In addition, the devaluation of the Brazilian Real led to a one-off translation loss of 169 thousand USD.
In Brazil where Precious Woods manages existing forests in a sustainable manner, additional forests with a surface area of 30600 hectares have been purchased in the state of Pará. Due to the purchase of additional forests in the prior year, the volume of wood harvested will increase by about 60% in 2002. The processing capacity has also been increased with the set-up of Precious Woods Industries which includes a factory for sliced veneer and small wood processed parts as well as the doubling of sawing capacity at Precious Woods Pará. Precious Woods continues to benefit from the fortunate situation that the majority of the products are already sold when they leave manufacturing. Demand for FSC certified hardwood products originating from sustainable operations continues to increase while supply is constrained. In Costa Rica where former pasture land is reforested with high value species (primarily teak) 330000 trees were planted and for the first time wood harvested from thinnings has been exported to India.
end of announcement euro adhoc 16.08.2002
Kontakt:
Branche: Forestry & Timber
ISIN: CH0013283368
WKN: 982280
Index: SPI
Börsen: SWX Swiss Exchange / official dealing