VANCOUVER – Western Forest Products Inc. said Wednesday its fourth-quarter profits were lower than the same period a year ago, but sales were higher.
The Vancouver-based woodland operator and lumber producer (TSX:WEF) said net income during the last three months of 2011 was $ 5.3 million, a drop from $ 20.1 million a year earlier.
The profits amounted to a penny per share, versus four cents per share during the same 2010 period.
Sales rose to $ 220.7 million from $ 172.6 million.
Chairman and CEO Dominic Gammiero called 2011 “a good year” for Western Forest Products, with a 32 per cent increase in earnings before interest, taxes depreciation and amortization to $ 62 million.
“Even though markets for some of our products remain historically weak, our repositioned cost structure allowed our timberlands and lumber manufacturing businesses to operate at significantly higher rates than 2010,” said Gammiero.
Local news from metronews.ca/vancouver
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