Tasmanian timber company Gunns Ltd has reported a 98 percent drop in profits for the first half of the financial year.
The company says its half-yearly profit after tax is $400,000, down from $33.6 million the same time last year.
Gunns has blamed the poor performance on difficult trading conditions due to the global financial conditions and the strengthening Australian dollar.
The company says its planning a complete restructure to finance its $2 billion pulp mill project in northern Tasmania.
Share price plunges south: HERE
And,
Gunns’ Strategic Review to Reshape the Company
Gunns announces six-monthly results with first half profit impacted by rising dollar and Asian downturn.
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Outlook improved for second half.
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Comprehensive strategic review commenced to reshape the company, realise value in the group’s assets, and facilitate participation in growth opportunities:
Please refer to link below for the full announcement:
HERE
