RusForest releases 2013 results

RusForest, a Sweden-based forestry firm with operations in Russia, has reported that its total revenue reached $66.4 million (€48.6 million) in 2013. This is compared to $67.9 million 2012. The company's operating loss, which was $93.2 million in 2012, dropped 73% to $29.9 million last year.

Operations at RusForest's 100,000 tonne per year pellet mill in Russia's Arkhangelsk commenced earlier this year and in April the company made its first shipment of 6,000 tonnes of pellets from the facility for use as renewable fuel in a European power plant. Today the mill is running at full capacity.

'RusForest is beginning 2014 with a clean slate and clear potential,' the company's CEO Matti Lehtipuu was quoted as saying. 'Improving global sawn wood markets, growing wood pellet demand in Europe and the weakening Russian ruble give us strong momentum for 2014. Unfortunately, recent events between Russia and Ukraine have overshadowed the solid fundamentals of our business.'