Sino-Forest Corporation announced recently that it is on track with achieving its operating goals and reporting its first-quarter 2011 results on time as previously announced.
Sino-Forest Chairman and CEO, Allen Chan, said, "Our management team is not aware of any operating or financial matters that should cause investors any concern about our first quarter results to be released on June 14, 2011. We have a 16-year track record of outstanding operating and financial performance and our corporate governance and transparency is of the highest standards. We see no reason justifying the company’s recent share price decline."
Sino-Forest continues to acquire fibre plantations under existing long-term purchase agreements and enter into long-term land lease agreements for replanting. With all the required financial and human resources, the company is on target with executing its six existing master agreements, which cover approximately 1.3 million hectares of officially designated commercial plantation land. In the first three months of 2011, Sino-Forest has sold approximately 2.5 million cubic metres of fibre, at an average selling price of approximately $89 per cubic metre. This represents an increase of 32% and 6% respectively over the prior years’ period.
On May 13, 2011, Sino-Forest announced that it intends to report its first quarter 2011 results for the first time under International Financial Reporting Standards ("IFRS") on June 14. As is required for all publicly accountable enterprises in Canada, Sino-Forest has adopted IFRS, which replaces Canadian Generally Accepted Accounting Principles ("GAAP") effective January 1, 2011. The Canadian Securities Administrators have granted a 30-day extension to all issuers filing their first IFRS interim financial report.
