Pacific Plywood Sees Higher Profit In 2013

From RTT News

Pacific Plywood Holdings Limited said that consolidated net profit for the year ended 31 December 2013 may increase as compared with the year ended 31 December in 2012...

The Group said it has been following up with the relevant government authorities and professionals regarding the outstanding necessary licenses and approvals required for the commencement of the forestry logging and harvesting in the Independent State of Papua New Guinea or ''PNG''. Recently, the Company was informed by its PNG legal adviser that the outstanding necessary licenses and approvals, mainly the environment permit and clearance authority, are possible to be obtained in 2014 but more likely to be obtained in 2015.

With regards to the progress on the application of the environment permit, the company said that the environment impact statement has been submitted to the Department of Environment and Conservation, accepted by the Environment Council and recommended to the Minister to issue the Approval in Principle which is pending to date as at the date of this announcement.

With regards to the progress on the application of the clearance authority, the submission of the clearance authority had been delayed due to the Commission of Enquiry into the Special Agricultural Business Lease system. Currently, the clearance authority was in preparation for submission. The PNG legal adviser has confirmed that such enquiry is not a legal impediment as the Law of the PNG is clear that if the clearance authority application is in order, then the Forestry Authority must consider the application.

As further advised by the PNG legal adviser, on the assumption that the application for the clearance authority is in order and in the absence of any unforeseen circumstances, it is expected that there is nomaterial legal impediment to obtain the clearance authority.