OREANDA-NEWS. September 03, 2014. In 2Q 2014, RusForest harvested 28,918 cubic metres of sawlogs, compared with 49,028 cubic metres in 2Q 2013 (-41%).

The low harvesting volumes were caused by poor weather conditions as warm weather shortened the harvesting season, as the company said in the press release received by Lesprom Network. 

In 2Q 2014, RusForest produced 41,335 cubic metres of sawnwood, compared with 41,284 cubic metres in 2Q 2013 (+0.1%).

In 2Q 2014, pellet production in Arkhangelsk totalled 12,830 tonnes.

Sawnwood sales in 2Q 2014 were 5% less than in 2Q 2013 (48,645 cubic metres compared with 51,318 cubic metres).

RusForest generated USD 17.8 million of revenue for the three months ended 30 June 2014.

RusForest recorded a net loss of USD 3.8 million (2013: net loss of USD 11.8 million) for the three months ended 30 June 2014.

Matti Lehtipuu, the Company’s Group CEO, commented: “We are pleased to continue delivering positive EBITDA results despite the seasonal slowdown in the 2Q. While the market seems to be focused on geopolitical events between Russia and Ukraine, we believe RusForest is a unique investment opportunity with a management and major shareholder that now has a proven track record and a viable business model.”

RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products and wood pellets.