Stockholm, 2013-05-15 08:50 CEST (GLOBE NEWSWIRE) --
RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces preliminary first quarter 2013 production results for its core operations in Arkhangelsk, Boguchany and Magistralny.
RusForest increased harvesting of sawlogs by 69 percent from 145,937 cubic meters in the first quarter of 2012 to 245,976 cubic meters in the first quarter of 2013.
The Company increased production of sawnwood by 47 percent from 47,991 cubic meters in the first quarter of 2012 to 70,412 cubic meters in the first quarter of 2013.
Anton Bogdanov, the Company’s COO, commented, “Our first quarter production showed improvement from the comparable period due to the deployment of new harvesting groups and the finalization of sawmill reconstruction. Since I joined the Company in March 2013, we have started to sell small volumes of sawnwood from Magistralny to Japan at prices more than 30 percent higher than the Company’s previous sales to the Middle East and North Africa. We have also replaced all local harvesting and sawmilling CEOs in our effort to increase capacity utilization and reduce per unit costs.”
RusForest expects to report first quarter financial results on May 31, 2013.
Northwest Russia
Arkhangelsk harvesting produced 56,772 cubic meters of sawlogs in Q1 2013 compared to 40,478 cubic meters in Q1 2012.
The Arkhangelsk sawmill (LDK-3) produced 28,542 cubic meters of sawnwood in Q1 2013 compared to 22,592 cubic meters in Q1 2012.
As previously disclosed, the Shenkursk sawmill was recently sold and is therefore not included in the consolidated production volumes.
Eastern Siberia
Boguchany harvesting produced 84,999 cubic meters of sawlogs in Q1 2013 compared to 62,769 cubic meters in Q1 2012.
The Boguchany sawmill produced 23,627 cubic meters of sawnwood in Q1 2013 compared to 18,078 cubic meters in Q1 2012.
Ust-Ilimsk harvesting assets have been leased out to third parties in order to reduce costs until a strategic review can be completed regarding further development of the harvesting operation. Therefore, Ust-Ilimsk harvesting is not included in the consolidated production volumes.
As previously disclosed, the Ust-Ilimsk sawmill was recently sold and is therefore not included in the consolidated production volumes.
Magistralny harvesting produced 104,205 cubic meters of sawlogs in Q1 2013 compared to 42,690 cubic meters in Q1 2012.
The Magistralny sawmill produced 18,243 cubic meters of sawnwood in Q1 2013 compared to 7,321 cubic meters in Q1 2012.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company is listed on NASDAQ OMX Stockholm First North (ticker symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Mia O’Connor, Investor Relations, telephone: +46 8 771 85 00
