Gunns Ltd (GNS) is a Tasmanian-based hardwood forest products company, which supplies hardwood woodchip to Asian pulp mills. Its operations span sawn timber, local hardware merchandising forestry managed investment schemes.
Last week, GNS upgraded FY10 operating earnings guidance to $50 – $60 million, from the previous $30 – $40 million.
The earnings upgrade was largely due to increased revenues from the company’s plantation management services.
The share market welcomed the news, with GNS shares skyrocketing over 16% on the day of the announcement.
Despite this, GNS has been one of the shares to sell since late February when it reported a massive drop in 1H10 net profit.
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