VicForests has delivered strong financial results across its business with a recorded net profit of $1.2 million, no debt and cash in the bank for the financial year 2017/18. VicForests chief executive officer, Nathan Trushell said the result was evidence of VicForests’ responsible harvesting and strong performance amid challenging circumstances. Source: Timberbiz
Mr Trushell said VicForests has been committed to harvesting responsibly and sustainably, including making continuing substantial reductions to harvesting Mountain and Alpine Ash in response to the 2009 bushfire.
“Despite significant challenges, VicForests has ended the 2017/18 financial year strongly with a net profit, no debt and positive cash reserves,” Mr Trushell said.
“2017/18 has been a year of change. VicForests has seen a new and restructured Executive Team, new and retiring Board members and a refocus on stakeholder engagement.
“As an organisation we have shown an ongoing commitment to responsible harvesting, strong fiscal management and working with government, customers and stakeholders to deliver on contracts and our supply commitments.
“Over the course of the year, we have continued to lead innovations in our supply chain management and strengthen our high standards of forestry and biodiversity preservation.
“I am also pleased to announce our “Zero Harm” strategies have resulted in an overall decline in both employee and contractor injuries to record low levels.”
Mr Trushell said VicForests had achieved a 50% reduction in staff Lost Time Injuries (LTI); as well as a 25% reduction in contractor LTI, achieving the lowest level in 12 years of VicForests’ recording.
“This is a positive result and represents a clear and conscious effort to live our values of a safe workplace for everyone. As one injury is one too many, we will redouble our efforts and work towards achieving truly ‘zero harm’ in the workplace.
Mr Trushell said that sawlog had decreased from previous years as VicForests transitions to lower ash species harvest levels; demand for native timber continued to be strong.
“The native timber industry continues to make a significant contribution to the Victorian economy, especially through regional jobs, with our products much sought-after for use in building and construction, furniture and other high-value products.
“VicForests is a successful and dynamic native forestry business and we are focused on working towards continued strong results in the years to come.”
VicForests results are audited each year by the Victorian Auditor General’s Office to verify their accuracy and compliance with Australian Accounting Standards.