Opio loss increases

Dunedin City Council-controlled forest owner Opio Forestry Fund has announced an increased full-year net loss of $607,000, up from $223,000 last year.

Opio's total operating revenue for the period at $212,000 was up from $195,000 the previous year and earnings per share were minus 4.06c against minus 1.49c.

Dunedin's City Forests - a trading company owned by the Dunedin City Council - became the majority shareholder in Opio in October last year when it secured just over 8 million units, about 53.8 per cent of the fund for 85c a unit.