Posted by: davidgarnerconsulting | October 7, 2009

Forestry Investment – Timber firm reports growth after large timberland sales

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Forestry Investment – Mineral resource and real estate firm, Forester Group, has reported that it made $51 million in the second quarter of the year boosted by the sale of a large amount of timberland.

The firm sold 75,000 acres of forested land during the quarter for a total of $120 million. The firms profits rose 500 per cent from $9.6 million during the same quarter in 2008.

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The sale of the timberland, which is based in Georgia and Alabama, was made to Hancock Timber Resource Group. It also announced last night that it sold a further 20,000 acres of Georgia timberland to St Regis Paper Co for $39.5 million. This sale is likely to benefit the firm when it announces its results for the third quarter. The deal was overseen by Goldman, Sachs & Co.

The firm says the timberland deals are helping it to stay on track with its plan to reduce debt by disposing of certain assets.

Shares of the firm rose 2 per cent last week to trade at $13.50. Forrester has 93 employees and was the result of a spin-off from Temple-Inland Inc.

CLICK HERE to download your  FREE GUIDE to Forestry Investment, and Alternative Investments

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