A 21% appreciation in the value of York Timber’s commercial plantations to R2.8bn in the year to June helped to boost earnings per share by 59%, offsetting weak local market conditions. The value of these assets rose because the rotation age cycle was improved, precision forestry was applied and the genetic planting material was enhanced, York Timber said on Tuesday. Excluding this revaluation, core headline earnings fell to 17c from 31c a share. York’s shares, which are not highly liquid, slipped 1.2%, to 247c after the results were released. They are 13.3% lower than a year ago and at a deep discount to the latest net asset value of 943c a share. Management intends to seek permission from shareholders at the forthcoming annual general meeting to continue buying back the shares, since they are not reflective of the underlying value. In the past year, 4.6% of the shares were repurchased. Last week, York said it was negotiating with a Norwegian-based company, Green Resources, which o...
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