RusForest’s sawn timber production was up by 47% to 70,412m3 during the three months ended March 31, 2013.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were -SKr25.4m, a 61% improvement on the SKr65.2m loss recorded a year ago.

"With the subsequent sale of non-core assets for aggregate proceeds of US$7m, we have removed loss-making operations from the group and can now focus on improving our core operations," said CEO Garrett Soden.

Meanwhile, RusForest has completed a review of its Arkhangelsk assets and identified the region as a core focus for the group.

It has now engaged AS Hekotek to build a wood pellet production facility at the LDK-3 sawmill in Arkhangelsk.