The Tasmanian timber company Gunns has recorded a significant fall in profits for the first half of the financial year. The net profit after tax for the six months to the end of December was just under $15 million, down from just over $20 million in the same period last year. Read more here
That share price: Latest Stock Market detail: Here
A reader writes: From the Directors Report:
“The primary source of funding for the development will be a project finance debt facility. Negotiation of the terms of this facility continue to be progressed with the proposed banking group. The Company has an independent assessment of the project against the internationally recognised Equator Principle guidelines for project finance developments. The Equator Principles provide a methodology for assessing the social, environmental and economic impacts of projects. This assessment has determined that the project is Equator Principle compliant.”
I haven’t heard anything from ANZ about this, have you? I’m sure ANZ customers would be interested in knowing, if this is accurate.
“The program for completion of outstanding commercial negotiations is consistent with the Board’s objective of commencing on site construction activity by June 2008 with mill production commencing in July 2010.”
I wonder if the Board are just as confident of these dates as they were of the start and commencement dates they were bandying about prior to the RPDC being “sacked”. Perhaps more of the Boy Who Cried Wolf saga!