Gunns admits pulp mill may never be built
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Gunns has confirmed it is looking for a partner to build the mill. (ABC News)
Ttimber company Gunns has admitted for the first time that it's controversial Tamar Valley pulp mill may never be built.
Gunns made the statement after reporting a net profit after tax of $64.5m for the 2008 financial year - a drop of about 27 per cent on last year's result.
It is also less than a recent downgraded profit forecast of $67 million.
Shares recently slumped by 25 per cent in three days and its price closed at $1.67 before a trading halt was announced last week.
Gunns' John Gay has indicated he will stand aside as managing director at the end of next June, but will stay on as chairman.
Trading in the company will resume once it makes an expected announcement on equity raising.
