Forestry fund makes first payout

Gisborne-based forestry investor Nuhaka Farm Forestry Fund will make its first distribution to shareholders next month, says fund manager Perpetual Trust.

Nuhaka also disclosed a $1 million loss for the six months to September, after weather patterns affected production.

The fully imputed payment of $355,000 will be distributed to registered unitholders on December 8 at a rate of 20c a share.

Perpetual Trust general manager Stephen Eaton said yesterday that demand for logs from Nuhaka remained high, buoyed by the weak New Zealand dollar, an increase in production and the fund's diverse range of export and domestic markets.

Shares in Nuhaka were unchanged at $13 yesterday, untraded since November 10.

- NZPA