February 28, 2008 / 4:22 AM / in 11 years

Australia's Gunns H1 profit falls 28 pct

SYDNEY, Feb 28 (Reuters) - Australian forestry group Gunns Ltd GNS.AX said on Thursday its first-half profit fell 27.6 percent.

Gunns, which exports forest products and runs a managed investments business, said its net profit for the six months to Dec. 31 was A$14.86 million ($14 million), from A$20.5 million a year earlier.

The company said it expected its second-half trading result to be significantly stronger, with further improvement in sales volumes seen.

Gunns received government approval in October to go ahead with a controversial A$1.7 billion pulp mill project in the southern island state of Tasmania. ($1=A$1.06)

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