42% increase in profit

Loaded Gunns
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Date: 27/8/2004
Author: Nick Clark
Source: The Mercury --- Page: 1/4

Tasmanian forestry group Gunns has announced a 42% increase in profit to $A105m. The company has grown each year since achieving a virtual woodchipping monopoly in Tasmania in 2001, after acquiring North Forest Products for $A335m. Gunns' 2001 result of $A17m was followed by $A53m in 2002 and $A74m in 2003. Gunns executive chairman, John Gay, commented that strong demand for woodchips in the Asian region supported solid performances in construction and merchandising. A fully-franked final dividend of $A0.30 a share was declared, increasing the full-year dividend payout to $A0.50. Shares in the company increased $A0.51 to $A13.90 on 26 August 2004.