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The net profit of the Estonian state forest management company, RMK, was 19.1 million euros in 2012, 40 percent smaller than the 2011 figure of 32 million euros, according to audited results endorsed by the supervisory board on Thursday.
Estonian state forest management co posts 40 pct drop in FY profit
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Sales totaled 144.5 million euros, compared to 143.7 million euros in 2011.
"The operating profit of RMK was 28 million euros last year, declining mainly as a result of lower wood prices and increased volumes of forest growing work," Mati Polli, chairman of the supervisory board of RMK, said in a press release.
He pointed out that aside from dividend RMK paid four million euros of land tax into the state budget. The sum of land tax paid in 2011 was 3.8 million euros.
Owner's income paid to the state amounted to 36.2 million euros and income tax paid on it to 9.6 million euros. In the year earlier owner's income totaled 20.6 million euros and the income tax paid on it 5.5 million euros.
Overall RMK sold 2.8 million cubic meters of timber for 121.2 million euros during the year. In 2011, it sold timber for 121.7 million euros.
Besides RMK sold 0.3 million cubic meters of wood chips, 39,000 cubic meters of timber as felling rights and 30,000 cubic meters of logging residue. Of total sales logs made up 39 percent, paperwood 36 percent, firewood 15 percent and wood chips 10 percent.
Overall 17.4 million new trees were planted, about one-third more than in 2011.
People used the vacationing possibilities offered by recreation areas and protected areas managed by RMK on 1.6 million occasions during the year.
The fully state owned RMK manages 38 percent of Estonian forests.