Carter Holt Harvey shares dropped 8% after the company announced losses during the 3rd quarter

Oct 20, 2004. /Lesprom Network/. Carter Holt Harvey Ltd (CHH) shares dropped 8% Wednesday after the company had reported the losses during the 3rd quarter and announced that it was considering partial sale of forest lands in New Zealand. CHH reported losses in the 3rd quarter at $NZ87 million (USD 60 million). CHH shares on Australian stock exchange dropped by 8.22% to $2.01, the lowest rate registered during the last 2 months. Analysts were disappointed by the news that the company was considering the sale of forest lands, that consumed the main part of the company’s turnover funds. Profits before taxes were paid (EBIT) was $NZ 21 million in the 3rd quarter in 2004 compared with the prior period in 2003 ($NZ 22 million). Revenue reduced from $NZ 162 million to $NZ 137 million. CHH timber-processing enterprises’ EBIT increased to $NZ 29 million (up $NZ 2 million) due to the growth of sales in Australia. CHH pulp and paper enterprises reported profits down to $NZ 14 million ($NZ 20 million) due to the decline of pulp prices. CHH package enterprises’ EBIT was $NZ 7 million. CHH net sales declined to $NZ 852 million ($NZ 1.07 billion).