carter holt earnings down in march quarter

Carter Holt earnings down in March quarter
08:58, Wednesday, 20 April 2005

Sydney - Wednesday - April 20: (RWE Australian Business News) -

Carter Holt Harvey Ltd (CHY) reports a profit from continuing operations
of $NZ90 million after tax and revenues of $748 million for the three
months ended 31 March, down from $111 million profit and $770 million
revenue last year.

CEO Mr Peter Springford said although the results were
consistent with the company's expectations and forecasts, he
acknowledged more work was needed to improve shareholder returns.

"Carter Holt Harvey has a clear strategy, a sound financial
position and we are strongly focused on delivering improved future
returns," he said.

"Although market conditions during the previous quarter proved
challenging, we have reshaped our business and are building scale in
areas where our strength and expertise provide competitive advantage;
namely wood products, and pulp, paper and packaging, supported by
forests."

ENDS

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I don't hold CHY