The Judicial Manager of Border Timber Limited, Peter Lewis Bailey, issued the following trading update:
Unaudited December 2018 Production and Sales Volumes
Lumber production is lower compared to same period prior year due to low production in the month of December 2018 at one of our sawmills caused mainly by the general power outages. However, sales volume is higher due to increased demand on the local and export markets. Higher than production sales volume was achieved out of sales from buffer stock.
Treated poles reflect a decline in both production and sales as they are tender based. There has been a reduction in demand for poles hence low production compared to comparable period December 2017.
Sleeper volume reflect a significant decline for both production and sales compared to prior periods. We did not receive significant orders for sleepers during the period under review.
Revenue saw positive improvement compared to prior comparable period mostly driven by lumber sales.
Update on ICSID award
A detailed report will be provided in the next trading update, which we expect to publish on or before 31 March 2019.
Board of Directors
Mr. E. Mlambo has resigned from the Board with effect from 15 February 2019.