May 28 (BusinessDesk) - Greenheart NZ Forestry, the Northland forester whose ultimate owner shifted from failed Sino-Forest Corp to a Cayman Islands based company this year, has lifted its annual harvest by 60 percent and sales by 35 percent, its 2012 accounts show. <\/p>\n
Greenheart operates the 13,000 hectare Mangakahia Forest, which it acquired from former parent Sino-Forest in 2011 for US$73 million in shares and debt. It was among assets transferred from Sino-Forest to Cayman Islands incorporated Emerald Plantation Holdings as part of a Canadian deal with Sino-Forest's creditors in January. <\/p>\n
Greenheart NZ's accounts show the group harvested about 558,550 cubic metres of wood in calendar 2012, up from 348,620 cu m in 2011. Total revenue climbed 35 percent to US$37.7 million, of which about US$34 million was in export sales. <\/p>\n
Operating costs rose to US$34.2 million from US$23.6 million, of which the bulk was harvest and distribution costs. Net profit fell to US$977,000 from US$2.46 million a year earlier, once one-time accounting adjustments and interest costs are included. <\/p>\n
Interest-bearing debt of about US$57 million included a US$40 million loan from former immediate parent Mega Harvest International <\/p>\n
Sino-Forest filed for bankruptcy protection in Canada in March last year. Under a plan agreed by its creditors, its assets were transferred to Emerald, owned by the creditors. The transfer included 66.6 percent of Hong Kong-listed Greenheart Group, triggering a requirement for Emerald to make an offer for the remaining shares, which it did this year. <\/p>\n
The Toronto Stock Exchange listed shares of Sino Forest tumbled in June 2011 after short-seller Carson Block of Muddy Waters Research alleged the company had been inflating its assets and earnings. The shares were subsequently suspended from trading by the Ontario Securities Commission. <\/p>\n
Shareholders of Sino-Forest had included Richard Chandler Corp, the investment vehicle of kiwi-born investors Richard Chandler. <\/p>\n
New Zealand's total exports of logs and wood fell 1.2 percent to $3.16 billion in calendar2012, according to government figures. <\/p>\n
(BusinessDesk) <\/p>\n
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Cayman Islands-owned Mangakahia Forest lists harvest by 60 percent , sales up 35 percent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" May 28 (BusinessDesk) - Greenheart NZ Forestry, the Northland forester whose ultimate owner shifted from failed Sino-Forest Corp to a Cayman Islands based company this year, has lifted its annual harvest by 60 percent and sales by 35 percent, its 2012 accounts show. Continue reading