RusForest generated revenue of $5.8 million in 2Q 2016, compared to $4.9 million in 2Q 2015. Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved 10 times year-on-year, and amounted to $3 million in 2Q 2016 compared with $0.3 million in 2Q 2015, as the company said in the press release received by Lesprom Network.
2Q 2016 RusForest AB recorded a net profit of $1.4 million in 2Q 2016, compared to net loss of $.6 million 2Q 2015.
Anton Bogdanov, CEO of RusForest Management Company, commented: “RusForest is happy to report a financially very strong 2Q, largely due to the successful sales of non-core forest leases and recognition of profit thereto.
“RusForest has been working to optimize its forest lease portfolio and with the successful conclusion of these most recent sales of non-core forest leases in the Ust-Ilimsk production unit, the main phase of optimization is completed.
Both new business activities performed as expected and short term focus is mainly on further improvement of the Ust-Ilimsk harvesting performance to increase revenue and profitability further, however, RusForest is currently also reviewing the long term technical strategy for the Magistralny sawmilling operation, to ensure long term maximum output, efficiency and safety based on available forest resources.”
RusForest is a Swedish forestry company operating in Eastern Siberia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products.