Sino-Forest Corporation is the latest timber-related firm to announce record results in 2007, with revenue up by 28.5% year-on-year.

Revenue reached US$713.9m during 2007, with gross profit also rising from US$175m to US$243m and net income up from US$113.5m to US$152.3m.

The Toronto-based Chinese forestry owner noted that it had seen an 11% decrease in the amount of standing timber under its management, but said that its total fibre inventory increased by 14% to around 31 million m3 during the year, excluding trees less than four years old.

Chairman and chief executive officer Allen Chan said the company had made a number of sales and acquisitions during 2007 that had facilitated the growth and would offer support for future development, including acquisition agreements in Yunnan and Guangxi.

“The corporation made great strides last year towards strengthening market position and is operating in nine provinces and regions across China,” said Mr Chan.

“Our growth rates and financial results were stellar in 2007.”

Sino-Forest added that, although the worst snow storms in half a century had hit 19 provinces, only 15,000 ha of a potential 90,000 ha of its timber had been damaged. Moreover, it said the damage was unlikely to lead to a significant write-down of its standing timber and that the impact would be seen through the type and volume of fibre available when harvested.