Kangaroo Island Plantation Timbers’ (KIPT) annual report was released recently and the company has said that it was issued without any qualification or emphasis from the auditor. KIPT is a publicly listed company. Source: Timberbiz
In a media statement KIPT said that its conservative approach to biological asset valuations, strong cash at bank and the further availability of debt finance if required put it in a sound position.
A profit of $13m was noted mainly on the back of strengthening USD prices for pine logs and hardwood chip, and this was despite the company electing to adopt a USD rate of 80c.
The annual report includes details of the year’s events for the company and that it has made steady progress towards its goal of exporting its sustainably grown timber from its own port facilities.
