Business Services Industry
Pulp friction means Carter misses out on party.
Australasian Business Intelligence, October, 2003
Oct 01, 2003 (The Australian Financial Review - ABIX via COMTEX)
The share price of Carter Holt Harvey (CHH) continued its downward momentum on 1 October 2003. Share in the dual-listed Australasian forestry products company fell to $A1.49, due to concerns that recent gains in pulp prices may not be sustainable. CHH's shares have fallen by 16 per cent since the middle of January 2003. Asian pulp prices have rallied in recent weeks, after reaching a low of $US435 a tonne in July. However, Dennis Lee, of ABN Amro, attributes the recent recovery in pulp prices to inventory restocking by Chinese pulp buyers, instead of an increase in demand. ABN Amro and Goldman Sachs JBWere forecast that CHH will achieve EBIT of $NZ72m ($A63m) in the September 2003 quarter, up from...
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