Bad times followed good ones in more ways than one. Forest fires, the second-worst in SA's history, laid to waste 2 000 ha of timber and pretax profit for the six months to December 2008 dropped 84% from R173m to R28m. Then CEO Lance Cooper was demoted to become marketing manager and replaced by Piet van Zyl. The view that there is value in the share is backed by an expectation of big timber price increases this year.
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