Sustainable Timber Tasmania Reports An Underlying Profit Of $6 Million

Sustainable Timber Tasmania Reports An Underlying Profit Of $6 Million

Tasmania Minister for Resources Guy Barnett

Turnaround For Tasmania’s Forest Industry

Victor P Taffa

Annual Reports of both Sustainable Timber Tasmania (STT) and Private Forests Tasmania paint a picture of a growing, sustainable industry, Minister for Resources Guy Barnett said.

“It is pleasing that Sustainable Timber Tasmania today has announced a healthy statutory profit including an underlying profit of $6 Million a $20 Million turnaround from last year’s underlying result. This is the first operating profit reported by the public forest manager since 2008-09.”

“STT has now retired all debt, as well as delivering a $15 Million special dividend to the Government.” Minister Barnett said.

This is the first time in a decade that the public forest manager has been debt free.

This result reflects a more efficient operating model following the restructure, improved prices for products, and increased sales volumes.

In accordance with standard accounting practices, the profit result was not directly impacted by the $60 Million sale of forestry rights to 29,000 ha of hardwood plantations, which was treated as a non-operating asset sale.

“Hodgman Government thanks the Board and staff of Sustainable Timber Tasmania for their hard work in achieving this result.” Minister Barnett said.

In further good news, the Private Forests Tasmania annual report shows the total private forest harvest rose for the 6th consecutive year, with a 9 % increase to 4.25 Million tonnes.

“While these are positive results, the Government is aware that challenges remain in rebuilding the forestry industry.” Minister Barnett said.