The company reported sales for 2012 of €142.1m, down 3.4% on the previous year, citing deteriorating market conditions, particularly in France. Sales in Africa were almost unchanged at €115.2m, while the importing and distribution operation in France slumped 17.8%to €32m.

Log sales, which account for 29% of revenues, rose 9.9% following growth in volumes and prices buoyed by local log sales in Gabon and the development of exports from Cameroon and Congo.

Sawn timber sales, which account for some 50% of revenues, were down 6.7% because of contraction in the French market and high sales in 2011.

Plywood sales, some 21% of revenues, were down 11.8% due to caution on the markets, primarily in Europe, and the high level of competition on temperate timber plywood.

Rougier said it expected lower profits for 2012, but in 2013 would reap the benefit of investments and efficiencies.