RusForest announces Q2 2012 earnings

Photo: Stefan Kühn

RusForest AB, a Swedish forestry company with operations in Russia, recently released its second quarter 2012 report.

Some highlights from the Q2 2012 report are:

- Sawlogs: Harvested 131,806 cubic meters (2011: 97,980 cubic meters) and 364,531 cubic meters (2011: 222,683 cubic meters) of sawlogs during the three and six months ended June 30, 2012, respectively.

- Sawnwood: Produced 67,584 cubic meters (2011: 51,692 cubic meters) and 135,146 cubic meters (2011: 110,848 cubic meters) of sawnwood during the three and six months ended June 30, 2012, respectively.

- Revenue: Generated revenue of SEK 154.2 million (2011: SEK 114.3 million) and SEK 276.9 million (2011: SEK 202.6 million) for the three and six months ended June 30, 2012, respectively.

- EBITDA: Recognized earnings before interest, tax, depreciation and amortization (“EBITDA”) of SEK -92.2 million (2011: SEK -35.5 million) and SEK -161.5 million (SEK  -60.9 million) for the three and six months ended June 30, 2012, respectively.

- Working Capital: Closed the second quarter of 2012 with a cash balance of SEK 82.6 million and positive working capital of SEK 114.9 million.

Garrett Soden, the Company’s new Chief Executive Officer, commented, “RusForest is unique in the capital markets today as the only publicly-traded forestry company focused on Russia.  The Company is vertically integrated from forest leases through sawmills, is self-sufficient in raw material and has access to some of the highest-quality, lowest-cost timber in the world.  The Company has near-term operational and financing challenges, but I am excited to join with a clear mandate to drive efficiency and create shareholder value.”

RusForest is a publicly-traded Swedish forestry company operating in eastern Siberia and the Arkhangelsk region of Russia.