Quarterly profit for PRT Forest Regeneration Income Fund (TSX:PRT.UN) dropped 12% during its second quarter to $2.9 million, compared to net earnings of $3.3 million during the same period last year.
A 5% drop in revenue for one of North America's largest producers of container grown forest seedlings was the main reason for the quarterly reduction in net earnings. Revenue dropped to $17.1 million, from $17.8 million in 2006's Q2. The downturn in the U.S. housing market, combined with the high Canadian dollar affecting the forestry industry, contributed to the drop in revenue.
PRT operates 15 nurseries and manages over 200 million seedlings a year. Its unit price range during the past week: between $8.60 and $8.83; 52-week high: $11.94; 52-week low: $7.76.