West Fraser Timber reports Q3 loss of $198M

VANCOUVER — West Fraser Timber Co. Ltd. (TSX:WFT) reported a loss of $198 million in its latest quarter on Monday, hit by a charge related to the closing of its linerboard and kraft paper mill in Kitimat, B.C., next year.

VANCOUVER — West Fraser Timber Co. Ltd. (TSX:WFT) reported a loss of $198 million in its latest quarter on Monday, hit by a charge related to the closing of its linerboard and kraft paper mill in Kitimat, B.C., next year.

The company said it lost $198 million or $4.64 per share on sales of $679 million in the third quarter of 2009 compared with a loss of $2 million or five cents per share, on sales of $848 million a year ago.

The loss included a $138-million charge related to the Kitimat mill and $17 million in charges related to the company’s sawmill assets.

In its outlook, the company said the U.S. housing market showed some signs of improvement in the quarter as housing starts increased slightly, the inventory of new homes continued to decline and interest rates remained low.

West Fraser said the closure of our linerboard and kraft paper plant will result in additional costs in the fourth quarter, but results from ongoing operations are expected to improve due to current strong demand and pricing for pulp.

“Our strong balance sheet, conservative business philosophy and longstanding emphasis on controlling costs will serve us well as we work through this difficult time in our industry’s history,”said Hank Ketcham, West Fraser’s chairman, president and chief executive.

Just Posted

New loonie reason to celebrate and educate: central Alberta LGBTQ community

The new LGBTQ2 loonie is a conversation starter and a reason to… Continue reading

Indigenous cultural centre needed in Red Deer

Urban Aboriginal Voices Society hosts annual community gathering

Red Deer youth recognized for his compassion

Blackfalds man dies after vehicle collision

Shots fired at O’Chiese residence early Tuesday

Two occupants were not injured in 6:50 a.m. shooting

Red Deer County to freeze 2019 taxes

Good financial numbers to be passed on to ratepayers

MISSING: Joshua Arthur Sanford

37-year-old Ponoka man last seen on Tuesday morning

Inspired by a galaxy far, far away, these ‘Star Wars’ mementos could be yours forever

CHICAGO —The stuff of “Star Wars” —and there is unfortunately no better… Continue reading

Shoppers Drug Mart launches second online medical pot portal in Alberta

TORONTO — Medical cannabis users in Alberta can now get their therapeutic… Continue reading

Oh, yes! Nurse, Raptors look to finish series with Magic

DENVER — In response to an early call, Toronto coach Nick Nurse… Continue reading

Delay of game calls, goalie interference top worst rules for NHLers: survey

The pace and excitement of 3-on-3 overtime isn’t just a thrill for… Continue reading

Avengers get epic send-off at ‘Endgame’ world premiere

LOS ANGELES — There were more than a few sniffles from the… Continue reading

Writers’ Trust launches program pairing rising writers with established mentors

TORONTO — The Writers’ Trust has launched a program that gives five… Continue reading

Family: A potpourri of Easter egg hunts, music and politics

The election is a thing of the past. Albertans have spoken. They… Continue reading

Most Read