West Fraser posts Q2 loss

Forestry company West Fraser Timber Co. Ltd. (TSX:WFT) reported a loss of $39 million in its second quarter on Tuesday, eliminating a small profit in the year-earlier period.

VANCOUVER — Forestry company West Fraser Timber Co. Ltd. (TSX:WFT) reported a loss of $39 million in its second quarter on Tuesday, eliminating a small profit in the year-earlier period.

The loss in the three-month period that ended June 30 amounted to 91 cents per share, down from a profit of $3 million or eight cents per share in the second quarter of 2008.

Sales totalled $667 million for the second quarter, down from $823 million a year earlier.

The results from the Vancouver-based company were an improvement over a loss of $83 million, or $1.94 per share, on sales of $619 million in the first quarter of 2009.

West Fraser attributed its performance to an increase in lumber prices, continuing weakness in new home construction and price declines for all products combined with maintenance shutdown at the Cariboo facility and the Kitimat linerboard and kraft paper mill.

“Our results reflect the continuing very poor economic environment that has significantly reduced home construction in North America and reduced the demand for our pulp and paper products,” West Fraser chairman, president and CEO Hank Ketcham said in a release.

West Fraser produces lumber, wood chips, plywood, pulp, linerboard, kraft paper, newsprint and other wood products. It employs about 8,500 workers in operations in western Canada and the southern United States, with its operations including Sundre Forest Products and West Fraser LVL near Rocky Mountain House.

Before it announced its second-quarter earnings, shares in West Fraser closed Tuesday at $24.39, up $2.50 or nearly 12 per cent, on the TSX..

Just Posted

Red Deer RCMP investigating suspicious vehicle fire

Anyone with information is asked to call police

Visual effects leader recognized by Red Deer high school

Linday Thurber Hall of Fame ceremony held

Castor man dies in crash

Thursday morning collision on Hwy 12

More than $25k raised for Red Deer firefighter who is recovering in hospital

‘I think the support he’s getting is because of the person he is’

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

Hi Mickey, ‘Bye Mickey: 6 Disney parks on 2 coasts in 1 day

ORLANDO, Fla. — Heather and Clark Ensminger breathed sighs of relief when… Continue reading

Court weighs ‘Apprentice’ hopeful’s suit versus Trump

NEW YORK — President Donald Trump’s lawyers hope to persuade an appeals… Continue reading

StarKist admits fixing tuna prices, faces $100 million fine

SAN FRANCISCO — StarKist Co. agreed to plead guilty to a felony… Continue reading

Annual pace of inflation slows to 2.2 per cent in September: Statistics Canada

OTTAWA — The annual pace of inflation slowed more than expected in… Continue reading

Jury finds Calgary couple guilty in 2013 death of toddler son

CALGARY — A jury has convicted a Calgary couple in the death… Continue reading

Study of U.S. hospital figures links pot use with increased risk of stroke

MONTREAL — New research is being presented at a conference in Montreal… Continue reading

Leon Draisaitl has overtime winner as Edmonton Oilers down Boston Bruins 3-2

EDMONTON — Connor McDavid set up Leon Draisaitl for the overtime winner… Continue reading

Edmonton girl guide sells out of cookies in front of cannabis store on first day

EDMONTON — She’s being called one smart cookie. As people lined up… Continue reading

Most Read