American forest products company Rayonier has reported 2007 full-year profits from continuing operations of US$174.3m.
The company said the result, slightly above 2006 profits, was “strong” despite a challenging environment in timber and real estate markets.
“In timber, we lessened the effect of a weak housing market by rebalancing our sales mix to meet heavy demand in the pulpwood market,” said chairman, president and CEO Lee Thomas.
Fourth-quarter profits from continuing operations totalled US$34.4m, compared to US$50m a year before.
The timber division’s profits declined by US$19m for the full year, due in part to a US$10m negative impact from lower prices on the sale of fire damaged timber.
