Greenheart NZ Forestry, the Northland forester whose ultimate owner shifted from failed Sino-Forest Corp to a Cayman Islands-based company this year, has lifted its annual harvest by 60 per cent and sales by 35 per cent, its 2012 accounts show.
Greenheart operates the 13,000ha Mangakahia Forest, which it acquired from
former parent Sino-Forest in 2011 for US$73 million in shares and debt.
It was among assets transferred from Sino-Forest to Cayman Islands-incorporated Emerald Plantation Holdings as part of a Canadian deal with Sino-Forest's creditors in January.
Greenheart NZ's accounts show the group harvested about 558,550cu m of wood in 2012, up from 348,620cu m in 2011. Total revenue climbed 35 per cent to US$37.7 million The Toronto Stock Exchange-listed shares of Sino Forest tumbled in June 2011 after short-seller Carson Block, of Muddy Waters Research, alleged the company had been inflating its assets and earnings.
The shares were subsequently suspended from trading by the Ontario Securities Commission.
