The company, which controls 3 million ha of timber with an annual allowable cut of 3.6 million m3, said it was continuing to reduce loss-making operations and negotiate the sale of non-core assets.

In its third-quarter report, RusForest said revenues were up 48% at SKr154.6m, but the company posted a loss of SKr32.4m.

This compared with a deficit of SKr55.2m a year before and SKr300m for the first nine months. The sawlogs harvest more than doubled in the third quarter to 259,000m3 and sawnwood production was up around a third to 88,559m3.

CEO Garrett Soden said: “Our third-quarter results show a seasonal improvement on the previous quarter due to a reliable supply of sawlogs and increased sawnwood production.

“We have reduced loss-making operations and we are focusing on our core operations. We continue to negotiate the sale of non-core assets and review strategic alternatives.”