The US group was held back by a 24% fall in revenues from its real estate operations, which were US$100m, compared with US$131m for the first six months of 2013.

Manufacturing was largely unchanged at US$184m and energy operations up US$7m to US$18m. However, revenues from timber were up 15% from US$316m to US$363m.

"So far this year the operating income and cash flow from our timber resources segments are up nearly 30% due to improving log prices and the additional harvests from lands we acquired in December," the company said.

Earnings were US$85m on revenues of US$673m, compared with US$102m on revenues of US$643m in 2013.