York Timber’s net asset value per share was R9.75 at December 31, indicating its share price is only about quarter of its book value.

The lumber producer’s share price rose 4% to R2.65 on Monday morning as the market reacted to its interim results, released late on Friday.

York reported interim revenue declined 3% to R922m for the six months to end-December, but after-tax profit nearly trebled, to R87m from R32m.

The results statement repeated past gripes that state-owned South African Forestry Company Limited (Safcol) was price gouging.

York said it had reduced the number of logs it bought from external suppliers by 48% while "utilising more of its own plantations on a sustainable basis".

"There was a weakening in industry lumber sales over the period, consistent with the slow local economic growth rate. The reduced demand impacted production of lumber, which decreased by 8% for the reporting period," the results statement said.

"Internationally the group has seen an increase in the demand for plywood and products with a high standard of specifications resulting in export volumes steadily increasing."