Speaking at the company's Annual General Meeting, today Von Pezold said despite these challenges the company was confident of recording a profit for the year ending June 30 2013.
"As present the cost of funding was reduced significantly after a loan from a German bank called DEG," he said.
The figure was said tobe slightly below budget due to operating costs, which include labour, electricity and the costs of redeeming the plantations at Border Timbers after a fire last year.
Pezold said the loan will reduce the company's dependency on local banks whose interest rates are high and took long to be processed.
At the AGM the group's revenue was said to be behind budget, expenses were 13 percent below budget during the first quarter Radar Holdings Ltd reported a 40 percent decline in after-tax profit in the year to June 30 2012 of US$1,31 million, after operating costs chewed up group revenue of US$36,25 million.
Post published in: Business