Canadian company Sino-Forest Corporation, which operates plantations in southern China, saw its profits fall during the fourth quarter despite a 25% sales growth.
Profits dipped to US$8m from US$8.6m a year earlier, due to foreign exchange loss on its long-term debt, higher interest expense and increased tax provision. Sales were up from US$66m to US$82.3m.
For the full year (2003) the company earned US$30.2m, up from US$20.6m in 2002.
Sino-Forest grows and harvests eucalyptus, aspen and pine trees in China. It also manufactures, distributes and sells forest products such as logs, wood chips and wood products.
