For the 2Q 2019, Canfor Corporation reported an operating loss of $49.7 million, an improvement of $20.2 million from the operating loss of $69.9 million reported for the 1Q 2019. The improvement reflected higher lumber segment earnings that included a full quarter of the Vida Group of Sweden’s results following completion of the acquisition in the 1Q 2019, as the company says in the press release received by Lesprom Network.
Total lumber shipments, at 1.47 billion board feet, were 24% higher than the previous quarter reflecting higher Western SPF shipments.
“This was another difficult quarter for our Western SPF business with the ongoing challenging market conditions, combined with high log costs, which have resulted in the announcement to close of our Vavenby mill and curtail other BC operations. We deeply regret the impact these decisions are having on our employees and local communities,” said Don Kayne, Canfor’s President and CEO. “Our SYP business delivered solid results in the 2Q and we expect that to continue through the balance of the year. Our European business continued to deliver strong financial results.”
Canfor is a leading integrated forest products company based in Vancouver, British Columbia, Canada, with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its recent majority acquisition of the Vida Group.
