TORONTO - Sino-Forest Corp. (TSX:TRE) has reported a 43 per cent gain in operating income to $35 million, but $7.4 million in foreign exchange and investment losses held net income down to a 26 per cent increase to $7.4 million.
The operator of Chinese forest plantations, which reports in U.S. dollars, said Tuesday its diluted earnings per share held steady at eight cents.
"As in the past years, our first quarter operating activities tend to be slower due to the week-long Chinese Lunar New Year holiday," chairman and CEO Allen Chan said in a release.
"In addition, the worst snowstorm in 50 years swept across China in January. Despite these events, Sino-Forest achieved a 21 per cent increase in revenue, a 57 per cent increase in EBITDA and growth in net income of 26 per cent as compared to the same quarter last year."
Revenue increased 21 per cent to US$136 million on higher sales of plantation fibre and manufactured and other products, offset by a decrease in the sales of imported wood products.
Shares in the company were up 25 cents at $16.49 in morning trading at the Toronto Stock Exchange.
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