gnspa - gns could trump 1h if bought gnspa, page-34

Thanks Gambier

Ah yes I had forgotten about the SGARA in the accounts. I think it is around $30m per annum but have to check. This is part of the source of profits you refer to as coming from their own plantations. And offcourse you are right about this. Completely forgot about it in my haste. So yes in hard times like this that will be the only source of profits for Gunns. But also in the past when profits were riding high then native forest was making some contribution, just not now...

I also appreciate your other comments re FOB pricing. It makes complete sense to me.

BTW do you have any comment on the FOB pricing for woodchips ex Australia to Japan versus other countries. Gunns seems to cry foul of the $A but it would seem that the marginal buyer (China) is getting woodchips cheaper from other countries at lower prices than Gunns cant match...a very different outcome to iron ore for example...this issue exercises my mind because if China is the future wont Gunns need to be supplying them at some stage...and so pricing has some adjustment to make???

My suspicion is China continues to encourage the near neighbours to "high grade" their national treasures and if this doesnt stop then Gunns is stuck relying on Japan?

just some thoughts.
Lord