VANCOUVER – West Fraser Timber Co. Ltd. (TSX:WFT) reported a $ 10.6-million loss from operations in its latest quarter reversing a profit a year ago as the lumber producer’s sales dropped nearly 10 per cent.
The Vancouver-based forestry company said late Thursday its operating loss amounted to 25 cents per share for the three months ended Dec. 31.
That compared with a profit of $ 27.8 million or 65 cents per share a year earlier.
Sales totalled $ 650 million, down from $ 719.1 million.
“We ended a challenging year with a difficult quarter as markets for our products continue to be unsettled,” West Fraser chairman and chief executive Hank Ketcham said in a statement after markets closed.
“We are very encouraged with the results of our capital investment program as well as the continued commitment of our employees to West Fraser’s long-term success.”
Including its discontinued operations, boosted by the sale of assets from its linerboard and kraft paper mill in Kitimat, B.C., that it closed in January 2010, West Fraser reported a profit of $ 6.1 million or 14 cents per share for the quarter ended Dec. 31.
That was down 86 per cent from a profit of $ 43 million or $ 1 per share a year ago.
The results included a $ 16.7-million gain in the quarter related to discontinued operations compared with a gain of $ 15.2 million a year ago.
West Fraser, which has operations in Western Canada and the southern United States, produces lumber, wood chips, plywood, pulp and newsprint.
Shares in the company, which reported its results after the close of markets, were up 57 cents at $ 46.35 on the Toronto Stock Exchange on Thursday.
Local news from metronews.ca/vancouver
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