Gunns Limited and the entire forest industry in Tasmania is in crisis. Gunns chairperson John Gay, and fellow board member and former state premier Robin Gray have resigned from the company’s board.
They were pressured to resign by major shareholders after Gunns posted a 98% loss in half yearly profit in February this year, the April 23 Hobart Mercury reported. Their profit was just $400,000 — down from $33.6 million at the same time last year.