Jul 23, 2009. West Fraser Timber Co. Ltd. has posted a net quarterly loss of $39 million, compared to a net profit of $3 million in the same quarter last year.
West Fraser posts net loss of $39 million
Jul 23, 2009. /Lesprom Network/. West Fraser Timber Co. Ltd. has posted a net quarterly loss of $39 million, compared to a net profit of $3 million in the same quarter last year, according to ForestTalk.
The company's operating loss was C$75 million, compared with an operating profit of C$5 million a year earlier. Its net results included a C$30 million foreign exchange gain on debt and C$18 million recovery on income taxes.
Hank Ketcham, West Fraser's Chairman, President and CEO stated: "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."
Ketcham said the company will concentrate on conserving cash until "clear signs of recovery are evident". West Fraser cut its dividend during the quarter.
