Elders’ announced review of its forestry assets as advised to the market on 26th March was completed on time and is listed at …
Elders conducts is forestry operations via ITC. It still owns 50% of the Smart Fibre operation at Bell Bay (FEA in Receivership being the other 50% owner).
It recently sold its sawmilling business to Gunns (Receiver yet to be appointed).
The Report is a revealing look at the forest business, including MISs. Write downs will result in a $137 million hit to Elders’ bottom line this year. The most significant impairment resulted from a fungal pathogen which wiped out 25,650 hectares of plantations in Central Queensland.
The market is still awaiting news of Gunns’ strategic review announced a month earlier on 22nd February.