Precious Woods Holding Ltd.

euro adhoc: Precious Woods Holding AG, Zug
Quarterly or Semiannual Financial Statements
Precious Woods continues to expand; Expansion activity and currency effects impact profits (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

In the first 9 months of the current year Precious Woods increased gross revenue by 31% versus prior year from 5.7 million USD to 7.5 million USD. The operating result fell by 16% from 918 thousand USD to 772 thousand USD. One-off translation losses due to the devaluation for the Brazilian Real against the US Dollar led to a decrease of the net result from 978 thousand USD to 487 thousand USD. Precious Woods Pará is not included in the prior year results.

Precious Woods Amazon has completed several important expansion projects in the current year temporarily impacting earnings, which will lead to increased profits in future. A closed down veneer slicing mill was acquired at an exceptionally low price and put into operation in record time. The growing small wood parts operation was relocated from the saw mill to this new facility. The new wood chip fired electrical generating plant started operations; it provides 60000 inhabitants with electrical energy replacing 20 diesel generators at the local utility. Precious Woods Pará doubled its saw mill capacity and has also installed a small parts manufacturing line. Precious Woods Costa Rica expanded the teak plantations by 400 ha or 450000 trees.

Overall, Precious Woods continues down the long-term expansion path, through which the group intends to significantly grow sales and profits. The forest area which is protected from deforestation by sustainable use has again been expanded by over 300 square kilometres and Precious Woods now provides urgently required income for over 1200 employees in remote areas of Brazil and Costa Rica characterized by  high unemployment.

end of announcement            euro adhoc 09.12.2002
---------------------------------------------------------------------

Further inquiry note: Kontakt: Precious Woods Holding AG, Zug Dr. Andres Gut, CEO Tel. 41 1 245 80 10 mailto: office@preciouswoods.ch

Branche: Forestry & Timber
ISIN:      CH0013283368
WKN:        982280
Index:    SPI
Börsen:  SWX Swiss Exchange / official dealing



Weitere Meldungen: Precious Woods Holding Ltd.

Das könnte Sie auch interessieren: