PRICEWORTH International Bhd continues to see improved log harvests, with a year-on-year jump of 247 percent in June due to operations in two additional compartments in Forest Management Unit 5 (FMU5).

Priceworth in an announcement to Bursa Malaysia reported log production of 33,861 cubic metres for the month of June 2018, compared to 9,732 cubic metres in June last year.

This is the highest production volume the timber and sustainable forest management group has seen since 2011, following Sabah’s new forestry policy on Sustainable Forest Management in the state in 2010.

“Harvesting in Compartments 63 and 64A has begun, bringing the total number of productive compartments to four within FMU5,” said Priceworth executive director Richard Koo.

Priceworth saw its nine-month net profit surge six times to RM10.3 million, citing the stable supply of timber from FMU5 has the reason the group has exceeded its break-even point.

Priceworth proposed to acquire FMU5, a sustainable forest area under a licence expiring in 2097, for RM260 million through subsidiary GSR Pte Ltd. It is also planning a Singapore Exchange-listing for GSR, which will also acquire sister company Sinora Sdn Bhd, which is Priceworth’s plywood manufacturing arm.

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