Mar 10, 2010. /Lesprom Network/. In 2009, Precious Woods achieved revenues of $87.8 million from timber sales, biomass energy, emission rights and an increase of biological assets. The disclosed decline is 24.8% compared to the prior year ($116.7 million), and 19.8% adjusted for exchange rate effects, company said in a statement received by Lesprom Network. The reported decline in sales for the prior financial year is to some extent better than the half-year result of 2009 (-29.5%) and reflects the slightly better market environment in the last quarter of 2009. Altogether, the decline is in line with the total market for tropical timber. The Board of Directors and the Group Management were reacting to the continuous unsatisfactory market developments with immediate restructuring measures, increase in efficiency and strengthening of Precious Woods’ market position. Precious Woods Gabon has managed to achieve the goals by obtaining satisfactory volumes and sound prices during the second half-year. The veneer plant of TGI has confirmed the turnaround of 2009 and by the end of January 2010 also received the FSC certification for the chain of custody. In the second half-year, timber sales volume of Precious Woods Amazon suffered due to a delay caused by the authorities granting the harvest permit and, as a consequence, due to the commercially diminished timber quality from alternative harvest areas. In return, revenues from sales on the local Brazilian markets almost doubled compared to the previous year. Sales of energy in Brazil declined due to reduced biomass volumes stemming from the saw mill and softer wood species with a lower fuel value. Earnings from emission rights hence remained below previous year’s level. The lower turnover of Precious Woods Europe leads back to a strong drop in demand on the European markets in the first half year and a considerable reduction in stocks. The increase of biological assets in Central America followed the positive long-term trend. All stated figures in this media release are provisional and not yet audited. The final audited accounts will be published on April 26, 2010.