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Thursday 22 January 2009
Guangzhao
(XFN-ASIA) - Singapore-listed Guangzhao Industrial Forest Biotechnology Group Ltd said it will report a loss for the fourth quarter and full-year 2008 because of a decline in timber prices as the result of the weak economy in China.
(XFN-ASIA) - Singapore-listed Guangzhao Industrial Forest Biotechnology Group Ltd said it will report a loss for the fourth quarter and full-year 2008 because of a decline in timber prices as the result of the weak economy in China.
The company said it has had to shut down all logging activities in stages since Dec 26 as some provinces in China have put a halt to harvesting on plantations due to declining timber prices and debt collection issues.
It said it would resume logging operations once conditions improve.
The company said it is also assessing the carrying values of its land and its investments in jointly controlled entities and subsidiaries for possible write-downs.
Guangzhao Industrial will announce its results on Feb 26.
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(XFN-ASIA) - Singapore-listed Guangzhao Industrial Forest Biotechnology Group Ltd said it will report a loss for the fourth quarter and full-year 2008 because of a decline in timber prices as the result of the weak economy in China.
The company said it has had to shut down all logging activities in stages since Dec 26 as some provinces in China have put a halt to harvesting on plantations due to declining timber prices and debt collection issues.
It said it would resume logging operations once conditions improve.
The company said it is also assessing the carrying values of its land and its investments in jointly controlled entities and subsidiaries for possible write-downs.
Guangzhao Industrial will announce its results on Feb 26.
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