US-based timber and wood products company Rayonier has reported net profits of US$63m (2009: US$81m).

Rayonier, which owns timberlands in the US and New Zealand, posted year-to-date net profits of US$158m (2009: US$215m).

Sales of US$45m were US$23m higher than the third quarter of 2009.

Prices for non-strategic timberland properties declined in the third quarter of 2010 from 2009, mainly due to the mix of properties sold, although the impact was partially offset by the lower basis of the properties.