Gunns (ASX:GNS) has confirmed that it expects to deliver earnings before interest and tax of between $40 million to $50 million in the 2011 financial year.
In addition, the timber company says it is managing the exit from a number of businesses deemed non-core, including all operations that involve the management, harvesting or processing of native forest in Tasmania.
Gunns has also advised that it is restructuring its main trading finance facility, currently drawn to $360 million, with a facility to better reflect the need for a pulp mill construction finance facility.
The company says it is in compliance with all banking covenants, though due to repay $55 million by the end of this month.
In the first half of its 2011 financial year Gunns booked a net loss of $4.6 million.
