A few specific events led to the 120 percent spike in revenue in 2005, including the finalization of a sale of the Afognak Joint Venture
property and timber-cutting rights to conservancy groups that netted $5 million.
Ironically, the timber resources that spurred the lawsuits in the 1980s have provided the bulk of Koniag's operating revenues through the Afognak Joint Venture
, a partnership with Native village corporations in the Koniag region.
In November 1998, Afognak Joint Venture
completed negotiations to sell approximately 41,000 acres of land and timber to the Exxon Valdez Oil Spill Trustee Council.
Koniag's share in the Afognak Joint Venture
, a timber development project, rewarded the company with net revenues of $1,205,000, in contrast with the previous year, when the venture brought a loss of $20,000.
The company is also a partner in logging company Afognak Joint Venture
and owns Kazim Co., which sold the last of its real estate properties in 1991.