Logo of Phnom Penh Post newspaper Phnom Penh Post - Firm attributes losses to logging crackdown

Firm attributes losses to logging crackdown

Firm attributes losses to logging crackdown

CHINA Asean Resources Ltd, a Hong Kong-listed company operating a timber concession in Kratie province and a medical supply business in China, on Tuesday blamed government red tape associated with logging for part of a US$2.858 million loss over the nine months ending September 30.

It earned $3.645 million in profit in the same period a year earlier, it said in a statement announcing quarter three financial results.

The firm said it had halted logging on a 10,000-hectare concession in Kratie province that originally contained more than 5 million cubic metres of timber stock. It made $6.72 million from the site in the first nine months of 2008.

The statement said the company had been inadvertently affected by a government ban on the illegal export of timber to save forest and promote carbon-credit trading.

“This crackdown on the illegal timber trade has had unintended negative repercussions on the legal export of timber products,” it said. “These include an increase in administrative procedures in relation to the export of timber products, and significant delays in the processing of trade documentation.”

The Ministry of Forestry declined to comment Thursday, citing confidentiality concerns.

China Asean said it intends to use the cleared land for cultivating rubber and acacia trees along with jatropha, a shrub used to produce bio-

The company's share price plummeted 8 percent this week to HK$0.138 (US$0.02) at the end of trading Friday.


  • Hun Sen’s China visit ‘a good opportunity’

    Prime Minister Hun Sen’s visit to Beijing on Sunday to discuss economic and trade issues presents a good opportunity for the Kingdom to strengthen Chinese ties and counter punitive measures by the West, an analyst says. The prime minister’s four-day official visit to

  • Former chief bodyguard receives royal pardon

    The former chief bodyguard of late Senate president Chea Sim has received a royal pardon nearly eight years after he was sentenced to 15 years behind bars on several charges, according to a royal decree dated November 12, last year, and obtained by The Post on Wednesday.

  • Close to the edge: Hair raising pictures from Kulen Mountain

    A new hair raising attraction on Kulen Mountain has finally opened to the public, with people flocking to the protruding cliff edge overlooking green mountainous forests to take photographs. The giant overhanging rock is situated in an area known as Mahendraparvata – an ancient city of

  • US warned not to interfere despite successful meeting

    A senior Ministry of National Defence official said the Tuesday meeting between the US Deputy Assistant Secretary of Defence for South and Southeast Asia Joseph H Felter and General Neang Phat had helped strengthen relations between the two countries’ militaries. However, a senior Cambodian People’