Feb 17, 2012. /Lesprom Network/. International Forest Products Limited ("Interfor") reported a net loss of $6.5 million in the 4Q 2011. Included in the Company's accounts in the quarter was the effect of unrecognized tax assets of $3.9 million. Excluding the tax allowance and other one-time items, Interfor recorded a net loss of $2.5 million compared to a net loss of $0.5 million in the immediately preceding quarter and net earnings of $0.5 million in the 4Q 2010. Sales revenue in the 4Q was $190 million, down $10.2 million or 5% versus the third quarter, reflecting lower sales volumes and market prices. EBITDA for the quarter was $8 million, down $6.3 million versus the 3Q and $6.5 million compared to the 4Q 2010. Lumber production in the 4Q was 294 million board feet, down 20 million board feet or 6% versus the 3Q as production rates were adjusted downwards in the face of log supply issues in the Pacific Northwest and for maintenance at the Hammond and Acorn mills on the BC Coast. Sales volumes, including wholesale activities, fell by 18 million board feet to 318 million board feet versus 336 million board feet in the 3Q. Net debt closed the quarter at $100.3 million or 20% of invested capital. Business conditions have improved in recent weeks with a more positive tone in the US and higher activity levels in China. That said, the global economic environment remains uncertain. Interfor expects to maintain operating rates at current levels or above for the next few quarters but will remain alert to changes in market activity in order to keep inventories in balance. Considerable attention is being devoted to the Grand Forks and Castlegar capital projects with a goal of completing construction by the end of the 1Q 2013 rather than the original schedule of the end of the 3Q 2013. Interfor is a leading global supplier, with one of the most diverse lines of lumber products in the world. The Company has operations in British Columbia, Washington and Oregon, including two sawmills in the Coastal region of British Columbia, three in the B.C. Interior, two in Washington and two in Oregon.