Fire ravages Kangaroo Island Plantation Timbers (ASX:KPT) plantations

Company News

by Katrina Bullock

Kangaroo Island Plantation Timbers (ASX:KPT) has requested a lift to the trading halt it entered on 24 December as a result of the fires on Kangaroo Island.

The fires affected around 1,862 hectares of plantations which included pines at various stages of maturity, and relatively mature eucalypts.

This includes the 891 hectares which the company announced has been affected on Christmas Eve.

Two additional fires have caused additional damage since then affecting a further 971ha of plantations.

This equates to 7 per cent of the company’s estate, with an insured value of $8.45M.

Shares in Kangaroo Island Plantation Timbers (ASX:KPT) closed 4.3 per cent lower at $2.25 on Tuesday.