POULSBO — Pope Resources has reported a third-quarter loss of
$562,000 on revenue of $7.5 million, due to a change in prices for
logs.
“In response to surging demand for Pacific Northwest logs from
China, we made a conscious decision earlier this year to front-load
our annual harvest volume into the first two quarters of the year
to take advantage of the all-season operability of some of our low
elevation timberlands,” said David L. Nunes, president and CEO.
“Anticipating that log prices might soften as more timber came
available from higher elevation lands during the summer months, we
ratcheted back our third quarter harvest volume. As a result, we
generated less revenue and recorded a net loss for the
quarter.”
Log prices ended up decreasing 5 percent from the second quarter of
2011 to the third quarter of 2011. But they were still higher than
2010 levels, according to a statement from the publicly traded
limited partnership.
Pope Resources also announced a quarterly distribution of 35 cents
per unit.
Pope Resources and its subsidiaries, Olympic Resource Management
and Olympic Property Group, own or manage 178,000 acres of
timberland and development property in Washington and Oregon.
— Rachel Pritchett, (360) 475-3783
Kitsap Business and Economy Daily updates on the local economy, the latest reports and trends that affect us, stories, events and columns. Join the conversation with Kitsap Sun reporter Rachel Pritchett.
