Pope Resources reported net loss of $579,000, or $0.15 per ownership unit, on consolidated revenue of $27.9 million, for 3Q 2019. This compares to net income of $2.6 million, or $0.60 per ownership unit, on consolidated revenue of $28 million, for 3Q 2018, as the company said in the press release received by Lesprom Network.
"Log prices softened further in 3Q as ongoing trans-Pacific trade uncertainties coupled with flat domestic housing starts to generate muted demand - at the same time summer weather remained mild, thus conducive to log harvesting activities which increased supply," said Tom Ringo, President and CEO. "Given these dynamics, we are pleased with the degree to which we front-loaded our annual harvest in 2019. From an operations standpoint, the most noteworthy 3Q news was the sale of the final 65 residential lots from our Harbor Hill project in Gig Harbor, Washington, for $12 million, a fitting capstone for a sales program that delivered 546 residential lots over a six-year time frame to merchant builders hungry for inventory in the booming Puget Sound marketplace."
Pope Resources, a publicly traded limited partnership, and its subsidiaries Olympic Resource Management and Olympic Property Group, own and manage 120,000 acres of timberland and 1,800 acres of development property in Washington.
