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Border Timbers revenue dips
BORDER Timbers Limited’s revenue dropped by 13 percent to $1,48 billion for the year ended June 30, 2021, from $1,69 billion in the prior year due to Covid-19-related disruptions.
The forest estates and saw-milling company’s finance director, Lysius Karimanzira, said during the year ended under review, the company suffered an inflation-adjusted loss after tax of $1,5 billion from $124,6k.
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“Revenue for the period was a 13 percent decrease from prior comparable period primarily due to Covid-19 restrictions forcing both regional and local markets to temporarily slow business down. Expenses were down compared to the previous period, reflecting positive efforts by management in cost containment,” he said in a statement accompanying financials.
He said harvesting operations performed very well during the year, with the plant optimisation broadly on plan.
“Harvesting outsourcing strategy continued to stabilise sawmills log supply which kept plant capacity utilisation high. All log supplies to processing plants were from the company’s own plantations with no external log purchases,” Karimanzira said.
During the year, lumber production volume was 45 871 cubic metres, 10 percent down from the prior period 51 017 cubic metres mainly due to Covid-19 restrictions. Lumber sales volume was 49 047 cubic metres during the year, a decrease from 50 108 cubic metres recorded in the prior period.
Karimanzira said high demand for lumber coupled with improved quality for the company’s kiln-dried lumber resulted in better average selling prices.
During the year, treated poles sales volume was 9 464 cubic metres, a 16 percent decline from the prior year, mainly due to the Covid-19 crisis which saw regional markets closing borders in trying to contain the pandemic.
“Market development remains the key objective of our pole business as the company is actively pursuing new opportunities in the region and beyond,” Karimanzira said.
In March, Border Timbers exited judicial management after its shareholders approved settlement terms for apportionment of awards issued to the company and its associates in 2015 through arbitration, a matter that had delayed the lifting of its administration.
Karimanzira said the company’s key focus is on intensifying its replanting activities, as it planted 340,69 hectares in the period under review and anticipates to replant 654 hectares in FY2022.
newsdesk@fingaz.co.zw
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