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

Hospitalizations jump in Red Deer due to opioid poisonings

Small city hospitals impacted more by opioid crisis

Central Alberta councils learn more about Bighorn Country proposal

A collection of central Alberta politicians are learning more about the province’s… Continue reading

High-speed chase led to fatal collision, jury hears

A Delburne man accused of manslaughter caused a fatal rollover collision during… Continue reading

‘Part of the solution:’ Alberta seeks proposals to build new refinery

EDMONTON — Alberta is looking for someone to build a new oil… Continue reading

Online ads spoil Christmas surprises, raising privacy concerns: experts

Lisa Clyburn knew she had found the perfect gift for her nine-year-old… Continue reading

Sebastian Giovinco, Jonathan Osorio and Adriana Leon up for top CONCACAF awards

Toronto FC’s Sebastian Giovinco and Jonathan Osorio are up for CONCACAF male… Continue reading

Huitema, Cornelius named 2018 Canadian Youth International Players of the Year

TORONTO — Canada Soccer has named striker Jordyn Huitema and defender Derek… Continue reading

Review: Too much Spider-Man? Not in the Spider-Verse

You might be forgiven for feeling superhero overload this holiday season. Had… Continue reading

‘Modern Family’s’ Sarah Hyland had second kidney transplant

LOS ANGELES — “Modern Family” star Sarah Hyland says she had a… Continue reading

Orlando SC acquires Canadian Tesho Akindele in trade with FC Dallas for cash

ORLANDO, Fla. — Canadian forward Tesho Akindele was traded to Orlando City… Continue reading

Koskinen notches third shutout, McDavid gets winner as Oilers blank Flames 1-0

EDMONTON — The Edmonton Oilers appear to have shored up their defence… Continue reading

Most Read