Woodbois branches out in timber and carbon sequestration

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() got a favourable reaction from the market for its half-year results, in which the company claimed to have turned a corner.

The African focused forestry, timber trading, reforestation and voluntary carbon credit company posted its first profit in the first half of 2021 with earnings before interest, tax, depreciation, amortisation and share-based payments (EBITDAS) of US$459,000 versus a loss the year before of US$775,000.

The reported loss before tax and depreciation of US$1.00mln was US$980,000, which was a substantial improvement on the previous year’s loss of US$4.3mln.

Revenues, which were affected by the pandemic and the disruption to the global freight shipping sector, eased to US$8.2mln from US$8.6mln in the corresponding period of 2020.

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